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N.Y. Fed cuts U.S. second quarter GDP growth view below 2 percent
May 5, 2017 / 3:40 PM / 6 months ago

N.Y. Fed cuts U.S. second quarter GDP growth view below 2 percent

NEW YORK (Reuters) - The New York Federal Reserve on Friday downgraded its outlook on U.S. economic growth in the second quarter to below 2 percent as weaker-than-forecast data on manufacturing and import prices were offset by a solid April payrolls report.

The U.S. gross domestic product was on track to expand at an annualized pace of 1.80 percent, slower than the prior estimate of 2.33 percent on April 28, the New York Fed’s “Nowcast” program showed.

Reporting by Richard Leong

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