January 13, 2017 / 4:33 PM / 7 months ago

New York Fed raises fourth quarter 2016, first quarter 2017 U.S. GDP views

NEW YORK (Reuters) - The New York Federal Reserve on Friday raised its outlook on U.S. economic growth in final quarter of 2016 and first three months of 2017 following the release of December data on domestic retail sales and producer prices.

U.S. gross domestic product was on track to expand at an annualized pace of 1.94 percent in fourth quarter of 2016, faster the previous forecast of 1.89 percent a week ago, while GDP in the first quarter was on course to grow by an annualized pace of 2.09 percent, swifter than last week's estimate of 1.94 percent, the New York Fed's Nowcast model showed.

Reporting by Richard Leong

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