January 5, 2018 / 4:54 PM / a year ago

N.Y. Fed upgrades U.S. fourth quarter GDP view near four percent

FILE PHOTO: The Federal Reserve Bank of New York building is seen in the Manhattan borough of New York, U.S., December 16, 2017. REUTERS/Eduardo Munoz

NEW YORK (Reuters) - The New York Federal Reserve on Friday raised its view of U.S. gross domestic product growth near 4 percent for the fourth quarter on stronger-than-expected data on manufacturing activity and factory orders released this week.

The regional central bank’s “Nowcast” model calculated the U.S. economy was expanding at an annualized pace of 3.97 percent in the fourth quarter, faster than the 3.87 percent rate calculated a week ago.

The New York Fed said its latest tracking estimate on GDP growth for the first three months of 2018 showed a 3.45 percent growth rate, quicker than the 3.15 percent from a week earlier.

Reporting by Richard LeongEditing by Chizu Nomiyama

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