US: NY Fed's GDP Nowcast falls to 4.3% for Q2 after this week's data

Eren Sengezer FXStreet

The US economy is expected to grow by 4.3% in the second 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:Q2 by 0.3 percentage point," the NY Fed explained in its publication. "Negative surprises from real disposable income and manufacturers’ shipments and new orders data accounted for most of the decrease."

Market reaction

The market reaction to this report was largely muted. As of writing, the US Dollar Index was up 0.15% on the day at 90.14.

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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