February 1, 2019 / 4:43 PM / 4 months ago

N.Y. Fed raises U.S. first-quarter GDP growth view near 2.4 percent

FILE PHOTO: The Federal Reserve Bank of New York building is seen in the Manhattan borough of New York, U.S., December 16, 2017. REUTERS/Eduardo Munoz/File Photo

NEW YORK (Reuters) - The U.S. economy is expanding at a 2.39 percent pace in the first quarter based on data that showed a surprise rise in domestic factory output and a stronger-than-forecast increase in payrolls in January, the New York Federal Reserve’s Nowcast model showed on Friday.

This was higher than the 2.17 percent rate calculated by N.Y. Fed’s program a week earlier.

Reporting by Richard Leong; Editing by David Gregorio

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