Asia

N.Y. Fed lowers U.S. second-quarter GDP view below 2%

NEW YORK (Reuters) – The U.S. economy is expanding at a 1.79% annualized pace in the second quarter following disappointing data on retail sales and industrial output in April released earlier this week, the New York Federal Reserve’s Nowcast model showed on Friday.

This was slower than the 2.20% growth rate calculated by the N.Y. Fed model a week earlier.

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