July 21, 2017 / 5:07 PM / 8 months ago

N.Y. Fed raises U.S. Q2, Q3 GDP growth outlook

NEW YORK, July 21 (Reuters) - The New York Federal Reserve said on Friday it increased its estimates on U.S. gross domestic product for the second quarter and third quarter based on the latest data on home construction which hit a four-month high in June.

The regional central bank’s “Nowcast” model calculated the economy was expanding at an annualized pace of 2.04 percent in the second quarter, faster than the 1.90 percent a week earlier. The “Nowcast” program showed third-quarter GDP growing at 1.95 percent, quicker than the 1.84 percent calculated a week ago. (Reporting by Richard Leong; editing by Grant McCool)

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