October 6, 2017 / 3:39 PM / 9 months ago

New York Fed raises U.S. fourth-quarter growth view above 2 percent

NEW YORK (Reuters) - The New York Federal Reserve on Friday raised its estimate of U.S. gross domestic product growth for the fourth quarter above 2 percent as upbeat factory and services data in September offset a surprise drop in employment last month.

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 2.45 percent in the fourth quarter, faster than the 1.95 percent rate seen a week ago. Its growth estimate for the third quarter was revised up to 1.53 percent from 1.46 percent last week.

Reporting by Richard Leong; Editing by James Dalgleish

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