New York Fed raises U.S. first quarter GDP estimate above 1 percent

NEW YORK (Reuters) – The U.S. economy is growing at a 1.40 percent pace in the first quarter based on this week’s stronger-than-forecast figures on domestic home sales and housing starts, the New York Federal Reserve’s Nowcast model showed on Friday.

This was faster than the 0.88 percent rate calculated by the N.Y. Fed model the week before.

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