October 27, 2017 / 3:43 PM / a year ago

N.Y. Fed raises U.S. fourth quarter GDP growth view above 3 percent

NEW YORK (Reuters) - The New York Federal Reserve on Friday upgraded its estimate of U.S. gross domestic product growth for the fourth quarter, based on upbeat data on durable goods orders and new home sales in September and stronger-than-forecast GDP growth in the third quarter.

The regional central bank’s “Nowcast” model calculated the economy was expanding at an annualized pace of 3.05 percent in the fourth quarter, faster than the 2.61 percent rate calculated last week.

Reporting by Richard Leong; Editing by Chizu Nomiyama

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