August 4, 2017 / 3:42 PM / 7 months ago

N.Y. Fed lifts U.S. third-quarter GDP growth view near 2 percent

NEW YORK (Reuters) - The New York Federal Reserve said on Friday it raised its estimate on U.S. gross domestic product for third quarter near 2 percent based on this week’s latest data on domestic manufacturing and payrolls.

FILE PHOTO: The corner stone of the New York Federal Reserve Bank is seen surrounded by financial institutions in New York City, New York, U.S., March 25, 2015. REUTERS/Brendan McDermid/File Photo

The regional central bank’s “Nowcast” model calculated the economy was expanding at an annualized pace of 1.98 percent in the third quarter, faster than the 1.92 percent rate a week ago.

Reporting by Richard Leong

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