U.S. Markets

N.Y. Fed sees U.S. GDP growing at 2.97 percent in second quarter

FILE PHOTO: The corner stone of the New York Federal Reserve Bank is seen surrounded by financial institutions in New York City, New York, U.S., March 25, 2015. REUTERS/Brendan McDermid/File Photo

NEW YORK (Reuters) - The U.S. economy is likely growing at a 2.97 percent annualized pace in the second quarter, little changed from the 2.96 percent rate calculated a week earlier, the New York Federal Reserve’s Nowcast model showed on Friday.

This week’s data on import, producer and consumer prices led to virtual no change on the regional central bank’s model to estimate the gross domestic product in the current quarter, the New York Fed said on its website.

Reporting by Richard Leong; Editing by Chizu Nomiyama