N.Y. Fed lowers U.S. third and fourth quarter GDP outlook
Federal Reserve and New York City Police officers stand guard in front of the New York Federal Reserve Building in New York, October 17, 2012. REUTERS/Keith Bedford/File Photo
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
NEW YORK (Reuters) - The New York Federal Reserve on Friday downgraded its forecasts on U.S. economic growth in the second half of 2016 following data on regional business activities in October and a steep drop in housing starts last month.
The regional central bank said its "Nowcast" model projected gross domestic product in the third quarter growing at 2.22 percent versus 2.30 percent a week ago. It downgraded its fourth-quarter GDP outlook to 1.40 percent from 1.56 percent a week ago.
(Reporting by Richard Leong)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Fed's Kaplan, warning on debt, urges care on fiscal policies
- U.S. refinancing activity highest in five weeks: MBA
- Empire Manufacturing (Jan) 6.5 vs 8.5 Expected
Create E-mail Alert Related CategoriesEconomic Data, Fed, Reuters
Related EntitiesHousing Starts
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!