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NY Fed's "nowcast" estimate of Q2 GDP rises to 1.7%

[WASHINGTON] The US economy is on track to expand at an annualized rate of 1.7 per cent in the second quarter, half a percentage point higher than estimated a week earlier, the New York Federal Reserve said on Friday.

Positive news came from manufacturing and housing data and were only slightly offset by negative news from survey data, the New York Fed said in a report.

REUTERS