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N.Y. Fed raises U.S. Q3 GDP growth view above two percent

Staff Writer |
The New York Federal Reserve raised its estimate of U.S. gross domestic product growth for the third quarter above 2 percent based on this week's data on retail sales, industrial output and regional manufacturing.

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The regional central bank's Nowcast model calculated the economy was expanding at an annualized pace of 2.09 percent in the third quarter, faster than the 1.96 percent rate a week earlier.

"Positive surprises from retail sales, survey, and industrial production data outweighed negative surprises from housing data," the New York Fed said.

New York Fed's own Empire State general business conditions index rose from 15.4 points to 25.2 in August, the highest in nearly three years.

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