August 4, 2017 / 3:42 PM / 17 days ago

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

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.Brendan McDermid/File Photo

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.

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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