The New York Fed’s Nowcast model points to a GDP of 3.2% in the fourth quarter after this week’s data

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The US economy is expected to expand 3.2% in the fourth quarter, as the latest Nowcasting Report from the Federal Reserve Bank of New York showed on Friday.

Key comments from the press release:

“The Commerce Department’s advanced estimate of real GDP growth for the third quarter of 2020, released on October 29, was 33.1%. The latest Nowcast from the New York Fed staff for the third quarter of 2020 was of 13.6% “.

“Data released this week lowered the immediate forecast for the fourth quarter of 2020 by 0.3 percentage points.”

“A negative surprise in shipments of manufactured durable goods accounted for most of the drop.”

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Credits: Forex Street

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