New York Fed lowers U.S. Q3, Q4 GDP growth view

FILE PHOTO: A U.S. Dollar note is seen in this June 22, 2017 illustration photo. REUTERS/Thomas White/Illustration/File Photo

NEW YORK (Reuters) - The New York Federal Reserve on Friday scaled back its estimates of U.S. gross domestic product growth for the third and fourth quarter as Hurricanes Harvey and Irma hurt home construction and industrial output in September.

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 the 1.70 percent rate calculated a week ago. It estimated GDP is growing at a 2.61 percent clip in the fourth quarter, down from 2.91 percent a week ago.

Reporting by Richard Leong