January 18, 2019 / 5:22 PM / a year ago

N.Y. Fed raises U.S. first-quarter GDP view near 2.2 percent

FILE PHOTO: Workers weld drawers on the assembly line at Metal Box International toolbox factory in Franklin Park, Illinois, U.S., February 21, 2018. REUTERS/Timothy Aeppel/File Photo

NEW YORK (Reuters) - The U.S. economy is growing at a 2.17 percent pace in the first quarter based on data that showed an increase in domestic factory output in December and a rise in U.S. Mid-Atlantic business activity in early January, the New York Federal Reserve’s Nowcast model showed on Friday.

This was marginally higher than the 2.11 percent rate calculated by N.Y. Fed’s program a week ago.

Reporting by Richard Leong

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