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
The New York Federal Reserve has reduced its estimate for US gross domestic product growth for Q2 2018, from an annualised rate of 3.20% to 3.01%, according to its Nowcast model. The move follows a slowdown in the sales of new homes and orders for durable goods.