The US economy is expected to grow 8.7% in the first quarter of 2021, the latest Report showed on Friday Nowcasting from the Federal Reserve Bank of New York.
“The news from this week’s data releases raised the immediate forecast for 2021: Q1 by 0.4%,” the post reads. “Positive surprises in personal consumption spending and disposable personal income data drove most of the increase.”
Market reaction
This report failed to boost market confidence. At time of writing, the S&P 500 was virtually unchanged on the day at 3,829.
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