U.S. Third-Quarter GDP Expected to Slow to 2.43 Percent, According to N.Y. Fed

New York Federal Reserve Adjusts Economic Growth Forecast

NEW YORK (Reuters) – The New York Federal Reserve announced on Friday that it has revised its forecast for U.S. economic growth in the third quarter, lowering it to 2.43 percent from the previous estimate of 2.63 percent. This adjustment is primarily attributed to disappointing data on domestic retail sales in July.

According to the New York Fed, "The largest negative contribution came from retail sales data."