N.Y. Fed halves U.S. first-quarter GDP estimate to 1 percent

NEW YORK (Reuters) - The U.S. economy is growing at a 1.08 percent pace in the first quarter based on this week's disappointing data on inflation, retail sales and industrial output, the New York Federal Reserve's Nowcast model showed on Friday.

This was slower than the 2.17 percent rate calculated by the N.Y. Fed model a week earlier.

(Reporting by Richard Leong)