N.Y. Fed model raises U.S. third quarter GDP view above 2%

NEW YORK (Reuters) – U.S. economy is growing faster in the third quarter than previously thought based on this week’s June data on durable goods orders and new home sales, the New York Federal Reserve’s Nowcast model showed on Friday.

The model’s third-quarter gross domestic product is running at a 2.21% annualized rate, up from a 1.88% pace calculated by the N.Y. Fed model the week before.

Reporting by Richard Leong; Editing by Steve Orlofsky

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