N.Y. Fed leaves Q4 U.S. GDP growth forecast at 1.8 pct

NEW YORK : The New York Federal Reserve on Friday left its forecast on U.S. economic growth in the fourth quarter unchanged at 1.8 percent and expected the pace to hold in the first three months of 2017 following this week’s economic data.

A pickup in new home sales last month offset a deceleration in consumer spending in November, the regional central bank said.

“Small negative contributions from personal income data were offset by small positive contributions from new single family houses sold,” the New York Fed said on its website.

Earlier on Friday, new single-family home sales rose more than projected to a four-month high in November, the Commerce Department said. It said on Thursday that consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.2 percent, slower than the 0.4 percent increase in October.