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US: NY Fed’s GDP Nowcast declines to 3.5% for Q3 after this week’s data

August 20, 2021 by admin 0 Comments

The US economy is expected to grow by 3.5% in the third quarter of 2021, the Federal Reserve Bank of New York’s latest Nowcasting Report showed on Friday.

“News from this week’s data releases decreased the nowcast for 2021:Q3 by 0.3 percentage point,” the NY Fed explained in its publication. “Negative surprises from advanced retail sales, housing starts, and Empire State Manufacturing survey data accounted for most of the decrease.”