September 6, 2019 / 3:34 PM / a month ago

New york Fed model cuts U.S. third quarter, fourth quarter GDP estimates

NEW YORK (Reuters) - U.S. economy is growing slower in the third and fourth quarters that previously thought based on data that showed the U.S. manufacturing sector fell into contraction territory for the first time since 2016, New York Federal Reserve’s Nowcast model showed on Friday.

The gross domestic product was expanding at a 1.55% annualized pace in the third quarter, slower than a 1.80% rate estimated on Aug. 30.

Fourth-quarter GDP would likely run at a 1.08% pace, weaker than a 1.57% rate calculated by the N.Y. Fed model the week before.

Reporting by Richard Leong; Editing by Chizu Nomiyama

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