Atlanta Fed cuts U.S. second-quarter GDP estimate to 2.4 percent

NEW YORK (Reuters) - The U.S. economy is expanding at a 2.4 percent annualized pace in the second quarter based on unexpectedly weak data on retail sales and consumer prices in June, the Atlanta Federal Reserve's GDP Now forecast model showed on Friday.


The latest second-quarter GDP estimate was lower than the previous figure of 2.6 percent calculated on Tuesday, the Atlanta Fed said.


Friday's figure was the Atlanta Fed model's lowest yet for U.S. gross domestic product in the second quarter. Its initial reading was 4.3 percent on May 1.


The Atlanta Fed's latest GDP outlook for the second quarter was below the latest median forecast of 3.0 percent among analysts in a Reuters polled published on June 9.


Meanwhile, the New York Fed downgraded its second-quarter GDP growth estimate to 1.90 percent from 1.96 percent a week earlier.

The government is scheduled to release its first estimate on second-quarter GDP on July 28 at 8:30 a.m. (1230 GMT).

(Reporting by Richard Leong; Editing by Chizu Nomiyama)

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