NY Fed's GDP Nowcast for Q3 drops to 14.6% after this week's data releases
|The US economy is expected to expand by 14.6% in the third quarter of the year, the Federal Reserve Bank of New York's latest Nowcasting Report showed on Friday.
Key takeaways
"News from this week’s data releases decreased the nowcast for 2020:Q3 by 2.2 percentage points."
"Negative surprises from ADP nonfarm payroll, ISM manufacturing survey data, and international trade data drove most of the decrease."
Market reaction
This report doesn't seem to be impacting the greenback's market valuation in a meaningful way. As of writing, the US Dollar Index was up 0.66% on the day at 93.38.
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