N.Y. Fed model slashes U.S. third-quarter GDP estimate below 2%

NEW YORK (Reuters) – U.S. economy is growing more slowly in the third quarter than previously thought based on this week’s data releases on manufacturing and import/export prices, the New York Federal Reserve’s Nowcast model showed on Friday.

The model’s third-quarter gross domestic product is running at a 1.56% annualized rate, down from a 2.21% pace calculated by the N.Y. Fed model the week ago.

Reporting by Richard Leong; Editing by Steve Orlofsky

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