US: NY Fed's GDP Nowcast declines to 3.5% for Q3 after this week's data

Eren Sengezer FXStreet

The US economy is expected to grow by 3.5% 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 decreased the nowcast for 2021:Q3 by 0.3 percentage point," the NY Fed explained in its publication. "Negative surprises from advanced retail sales, housing starts, and Empire State Manufacturing survey data accounted for most of the decrease."

Market reaction

This report was largely ignored by market participants and the US Dollar Index was last seen flat on the day at 93.58.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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