October 14, 2016 / 3:34 PM / a year ago

N.Y. Fed upgrades U.S. GDP growth outlook

NEW YORK, Oct 14 (Reuters) - The New York Federal Reserve on Friday raised its outlook on U.S. economic growth in the second half of 2016 following data on domestic retail sales in September that was in line with forecasts and supported the view of moderate consumer spending.

The regional central bank said its “Nowcast” model projected gross domestic product in the third quarter growing at 2.31 percent versus 2.20 percent a week ago. It raised its fourth-quarter GDP outlook to 1.56 percent from 1.32 percent a week earlier. (Reporting by Richard Leong; Editing by Chizu Nomiyama)

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