U.S. Q3 GDP seen growing at 2.6 percent: N.Y. Fed

By Reuters

The corner stone of The New York Federal Reserve Bank is seen in New York's financial district

NEW YORK (Reuters) – The New York Federal Reserve said on Friday it upgraded its view on U.S. economic growth in the third quarter to 2.61 percent from the 2.31 percent it calculated a week ago due to stronger-than-expected data on factory output in June.

The regional central bank said it “nowcast” model also raised its forecast on U.S. gross domestic product in the second quarter to 2.18 percent from last week’s estimate of 2.09 percent.

(Reporting by Richard Leong)