Atlanta Fed pares U.S. second-quarter GDP growth estimate to 3.7 percent

NEW YORK (Reuters) - The U.S. economy is expected to expand at a 3.7 percent annualized pace in the second quarter based on reports released earlier this week that showed decreases in new and existing home sales in April, the Atlanta Federal Reserve's GDP Now forecast model showed on Friday.

The latest second-quarter gross domestic product estimate was slower than the 4.1 percent reading calculated on May 16, the Atlanta Fed said.

(Reporting by Richard Leong; Editing by Dan Grebler)

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