US: NY Fed's GDP Nowcast improves to 3.8% for Q3 after this week's data

The US economy is expected to grow by 3.8% in the third quarter of 2021, the Federal Reserve Bank of New York's latest Nowcasting Report showed on Friday.

"News from this week’s data releases increased the nowcast for 2021:Q3 by 0.3 percentage point," the NY Fed explained in its publication. "A positive surprise from manufacturers’ shipments of durable goods data accounted for most of the increase."

Market reaction

The US Dollar Index showed no immediate reaction to this report and was last seen losing 0.35% on the day at 92.72.

Aug 27, 2021

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