New York Fed’s second and third quarter U.S. GDP views hit one-month high

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

NEW YORK (Reuters) – The New York Federal Reserve said on Friday it increased its estimates on the U.S. gross domestic product for the second quarter and third quarter to their highest levels in a month based on the latest U.S. payrolls, service and factory activity data.

The regional central bank’s “Nowcast” model calculated the economy was expanding at an annualized pace of 1.96 percent in the second quarter, faster than the 1.91 percent a week ago. The “Nowcast” program showed third-quarter GDP growing at 1.78 percent, up from the 1.61 percent calculated a week earlier.

(Reporting by Richard Leong)