NY Fed's GDP Nowcast rose to 1.6% for Q3 of 2017

"The New York Fed Staff Nowcast stands at 1.6% for 2017:Q3 and 2.0% for 2017:Q4," the Federal Reserve Bank of New York announced on Friday.

Key quotes:

• News from this week's data releases increased the nowcast for both quarters by 0.2 percentage point.
• Positive surprises from housing data accounted for the increase.