NEW YORK (Reuters) – U.S. gross domestic product is expanding at a 2.27 percent clip in the third quarter, slower than the 2.47 percent pace calculated a week ago, the New York Federal Reserve’s Nowcast model showed on Friday.
It projected GDP in the fourth quarter is growing at a 2.80 percent rate, weaker than the 2.92 percent pace estimated the week before.
A widening of the U.S. trade deficit in August overshadowed robust data on services activity last month, according to the New York Fed on its website.
The trade gap increased 6.4 percent to a six-month high of $53.2 billion in August, the Commerce Department said earlier Friday.
On Wednesday, the Institute for Supply Management said its barometer on domestic services industries reached a 21-year peak in September.
Reporting by Richard Leong; Editing by David Gregorio and Chizu Nomiyama