October 21, 2016 / 3:35 PM / a year ago

N.Y. Fed lowers U.S. third and fourth quarter GDP outlook

NEW YORK (Reuters) - The New York Federal Reserve on Friday downgraded its forecasts on U.S. economic growth in the second half of 2016 following data on regional business activities in October and a steep drop in housing starts last month.

The regional central bank said its “Nowcast” model projected gross domestic product in the third quarter growing at 2.22 percent versus 2.30 percent a week ago. It downgraded its fourth-quarter GDP outlook to 1.40 percent from 1.56 percent a week ago.

Reporting by Richard Leong

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