July 13, 2018 / 3:38 PM / 8 months ago

N.Y. Fed lowers U.S. second quarter, third quarter GDP growth estimates

FILE PHOTO: Shipping containers are stacked for storage at Wando Welch Terminal operated by the South Carolina Ports Authority in Mount Pleasant, South Carolina, U.S. May 10, 2018. REUTERS/Randall Hill

NEW YORK (Reuters) - The U.S. economy likely grew at a 2.77 percent annualized pace in the second quarter, a tad slower than the 2.79 percent pace calculated last week following the latest readings on import prices and the consumer price index, the New York Federal Reserve’s Nowcast model showed on Friday.

The New York Fed also scaled back its projection on gross domestic product in the third quarter to 2.64 percent from previous week’s 2.71 percent, according the N.Y. Fed GDP program.

Reporting by Richard Leong; Editing by Chizu Nomiyama

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