N.Y. Fed raises U.S. second-quarter growth view above 3 percent

NEW YORK (Reuters) – The U.S. economy is on track to expand by 3.03 percent in the second quarter from a prior estimate of 2.87 percent following further gains in industrial output in March, the New York Federal Reserve’s Nowcast model showed on Friday.

The New York Fed forecast program’s calculation of the gross domestic product in the first quarter came in at 2.91 percent on Friday, up from 2.79 percent a week ago.

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