New York Federal Reserve Raises U.S. Economic Growth For Second Half 2018
The New York Federal Reserve on Friday increased its estimates on U.S. economic growth in the second half of this year
It projected GDP in the fourth quarter is growing at a 2.76 percent rate, quicker than the 2.00 percent clip estimated the week before.
These GDP estimates were slower than the 4.2 percent pace in the second quarter reported by the government last week.
On Tuesday, the Institute for Supply Management said its index on factory activity unexpectedly climbed to 61.3 in August, its strongest reading since May 2004.
Strength in the ISM figures led the New York Fed model to add nearly 0.4 point to its third-quarter GDP estimate and 0.9 point to its fourth-quarter GDP projection.
President Trump hailed the data as evidence that his policies on trade, taxes and other issues were working. Robust growth is good news for Republicans, who are counting on the economy to help them in midterm elections this fall.
"Once again, we are the economic envy of the entire world," Mr. Trump declared outside the South Portico of the White House, flanked by his top economic advisers.
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