The US economy is expected to expand by 1.2% in the last quarter of 2019 and by 1.7% in the first quarter of 2020, 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 2019:Q4 by 0.1 percentage point and increased the nowcast for 2020:Q1 by 0.5 percentage point," the NY Fed explained in its publication. "Positive news from the Philadelphia Fed Manufacturing survey and housing starts data drove the increase for 2020:Q1."
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