September 29, 2017 / 3:41 PM / a year ago

N.Y. Fed reduces U.S. third-quarter, fourth-quarter GDP growth estimates

NEW YORK (Reuters) - The New York Federal Reserve on Friday trimmed its estimate of U.S. gross domestic product growth for the third quarter and fourth quarter based on soft readings on new home sales and consumer spending in August.

The regional central bank’s “Nowcast” model calculated the economy was expanding at an annualized pace of 1.46 percent in the third quarter, slower than 1.56 percent last week. Its GDP estimate for the fourth quarter was lowered to 1.95 percent from 2.01 percent a week earlier.

Reporting by Richard Leong; Editing by Chizu Nomiyama

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