NEW YORK (Reuters) - The U.S. economy remains on track to expand a tad above 2 percent in the second and third quarters following this week's data on new home sales and durable goods orders, the New York Federal Reserve said on Friday.
The regional central bank said its Nowcast model showed the gross domestic product growing at 2.11 percent annualized pace in the second quarter, compared with a 2.12 percent estimate a week ago.
Its growth forecast on third-quarter GDP was 2.14 percent, versus 2.13 percent a week earlier.
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"The impact of this week’s news was small and had
on net no effect on the nowcast," the New York Fed said in its latest GDP report.
On Friday, the Commerce Department said non-defense capital goods orders excluding aircraft, a closely watched proxy for U.S. business spending plans, fell 0.7 percent in May after a revised 0.4 percent drop in April.
The government reported on Thursday that domestic new home sales fell 6.0 percent to a seasonally adjusted annual rate of 551,000 units last month, but were up 8.7 percent from a year ago.
(Reporting by Richard Leong; Editing by Jeffrey Benkoe)