May 17, 2019 / 3:44 PM / a month ago

N.Y. Fed lowers U.S. second-quarter GDP view below 2%

Sea gulls sit on a lamppost beside shipping containers stacked at the Paul W. Conley Container Terminal in Boston, Massachusetts, U.S., May 9, 2018. REUTERS/Brian Snyder

NEW YORK (Reuters) - The U.S. economy is expanding at a 1.79% annualized pace in the second quarter following disappointing data on retail sales and industrial output in April released earlier this week, the New York Federal Reserve’s Nowcast model showed on Friday.

This was slower than the 2.20% growth rate calculated by the N.Y. Fed model a week earlier.

Reporting by Richard Leong

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