June 14, 2019 / 3:36 PM / 2 days ago

N.Y. Fed raises U.S. Q2, Q3 growth outlook

NEW YORK (Reuters) - U.S. economic growth is stronger than previously thought based on data that showed increases in domestic retail sales and factory output in May, the New York Federal Reserve’s Nowcast model showed on Friday.

Th regional central bank’s model projected U.S. gross domestic product is expanding at a 1.36% rate in the second quarter, faster than the 1.01% pace estimated a week earlier, while third-quarter GDP is likely running a 1.70% rate in the third quarter, quicker than the 1.31% rate calculated by the N.Y. Fed model a week ago.

Reporting by Richard Leong; Editing by Nick Zieminski

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