September 1, 2017 / 5:17 PM / a year ago

N.Y. Fed raises U.S. third quarter GDP growth view above 2 percent

NEW YORK (Reuters) - The New York Federal Reserve on Friday increased its estimate of U.S. gross domestic product growth for the third quarter above 2 percent, based largely on surprisingly strong data on domestic manufacturing activity in August.

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 2.17 percent in the third quarter, faster than last week’s l.93 percent rate .

Reporting by Richard Leong; Editing by Chizu Nomiyama

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