The New York Federal Reserve on Friday raised its estimates for U.S. economic growth in the first quarter and second quarter from a week ago following the latest data on inventories, trade and jobs.

U.S. gross domestic product was on track to expand at an annualized pace of 3.19 percent in the first three months of 2017, faster than its prior forecast of 3.09 percent a week ago, the New York Fed's Nowcast model showed.