July 27, 2018 / 4:02 PM / 4 months ago

N.Y. Fed lifts U.S. third-quarter GDP forecast to 2.83 percent

NEW YORK (Reuters) - The U.S. economy is set to grow at a 2.83 percent annualized pace in the third quarter, based on data on domestic durable goods orders in June released earlier this week, the New York Federal Reserve’s Nowcast model showed on Friday.

A week ago, the N.Y. Fed program estimated gross domestic product would expand 2.38 percent in the third quarter.

Earlier on Friday, the Commerce Department said GDP grew at a 4.1 percent pace in the second quarter, the fastest in nearly four years.

Reporting by Richard Leong; Editing by Bernadette Baum

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