New York Fed GDP falls to 13.8% for the third quarter after this week’s data release

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The US economy is expected to expand 13.8% in the third quarter and 3.6% in the fourth quarter, the latest Nowcasting Report from the United States showed on Friday. Federal Reserve Bank of New York.

Key takeaways from the press release

“The news of this week’s data release lowered the immediate forecast for the third quarter of 2020 by 0.3% and lowered the immediate forecast for the fourth quarter of 2020 by 1.2%.”

“Negative surprises from industrial production and capacity utilization data drove the decline in both quarters.”

Market reaction

The US Dollar Index did not show an immediate reaction to this report and was last seen posting small daily losses at 93.71.

Credits: Forex Street

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