August 9, 2019 / 3:46 PM / 14 days ago

N.Y. Fed model leaves U.S. third-quarter GDP view at 1.6%

FILE PHOTO: A container ship is shown at port in Long Beach, California, U.S. July 16, 2018. REUTERS/Mike Blake

NEW YORK (Reuters) - U.S. economy is growing at about a 1.6% rate in the third quarter based on this week’s data releases on producer prices, job openings and services activity, the New York Federal Reserve’s Nowcast model showed on Friday.

The model’s third-quarter gross domestic product is running at a 1.58% annualized rate, compared with a 1.56% pace calculated by the N.Y. Fed model the week before.

Reporting by Richard Leong; Editing by Steve Orlofsky

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