NY Fed's GDP Nowcast improves to 1.8% for Q3 from 1.6%

According to the Federal Reserve Bank of New York's latest Nowcasting Report, the US economy is expected to expand by 1.8% in the third quarter of the year, up from 1.6% reported last week.

"News from this week's data releases increased the nowcast for 2019:Q3 by 0.2 percentage point," NY Fed explained in its weekly press release on Friday.

"Positive surprises from building permits and retail sales were only partially offset by negative surprises from industrial production and capacity utilization."