US: NY Fed's GDP Nowcast edges lower to 13.8% for Q3 after this week's data releases

The US economy is expected to expand by 13.8% in the third quarter and 3.6% in the fourth quarter, the Federal Reserve Bank of New York's latest Nowcasting Report showed on Friday. 

Key takeaways from the press release

"News from this week’s data releases decreased the nowcast for 2020:Q3 by 0.3 percentage point and decreased the nowcast for 2020:Q4 by 1.2 percentage points."

"Negative surprises from industrial production and capacity utilization data drove the decrease in both quarters."

Market reaction

The US Dollar Index showed no immediate reaction to this report and was last seen posting small daily losses at 93.71.