May 25, 2018 / 3:33 PM / 3 months ago

N.Y. Fed pares U.S. second quarter GDP growth view to 3.01 percent

NEW YORK (Reuters) - The U.S. economy is likely growing at a 3.01 percent annualized pace in the second quarter, slower than the 3.20 percent pace estimated a week earlier, the New York Federal Reserve’s Nowcast model showed on Friday.

It lowered its projection on gross domestic product in the second quarter after data that showed declines in new home sales and durable goods orders.

Reporting by Richard Leong

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