NY Fed's 'nowcast' estimate of second-quarter GDP rises to 1.7 percent

[May 21, 2016]  WASHINGTON (Reuters) - The U.S. economy is on track to expand at an annualized rate of 1.7 percent 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.

(Reporting by David Chance; Editing by Chizu Nomiyama)

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