May 20, 2016 / 3:53 PM / a year ago

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

The corner stone of The New York Federal Reserve Bank is seen surrounded by financial institutions in New York's financial district March 25, 2015. REUTERS/Brendan McDermid

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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