NY Fed Q2 GDP Nowcast slips to 3.7% from 4.2%

News

Second quarter growth estimate declines

Powell yesterday highlighted an ongoing improvement in US data but the New York Fed’s growth tracker isn’t showing that.

In light of the latest numbers, it was lowered to 3.69% from 4.20% a week ago. The Q3 indicator was also cut to 4.4% from 5.3%.

“Negative surprises from advanced retail sales and building permits data
accounted for most of the decrease in both quarters, with Empire State
Manufacturing survey data also contributing to the decline in 2021,” the report said.

We won’t be getting the Q2 numbers until July 29 so there will be plenty of shifts to come. The economist consensus is 4.7%.

Invest in yourself. See our forex education hub.

Articles You May Like

Lots of balls in the air moving markets with the US government getting in the act today.
Russian central bank surprises markets by holding key rate at 21%
Key Fed inflation measure shows 2.4% rate in November, lower than expected
Gold Price Today: Yellow metal prices trade flat in one month, gain Rs 225/10g, silver down by Rs 700/kg
USDCHF reaches its 200 hour MA and swing area target

Leave a Reply

Your email address will not be published. Required fields are marked *