US: NY Fed's GDP Nowcast edges higher to 14.1% for Q3 after this week's data releases

The US economy is expected to expand by 14.1% in the third quarter and 4.8% in the fourth quarter, the Federal Reserve Bank of New York's latest Nowcasting Report showed on Friday. 

Key takeaways from the press release

"The New York Fed Staff Nowcast stands at 14.1% for 2020:Q3 and 4.8% for 2020:Q4."

"News from this week’s data releases increased the nowcast for 2020:Q3 by 0.1 percentage point and left the nowcast for 2020:Q4 largely unchanged."

"A positive impact from JOLTS data accounted for most of the increase in 2020:Q3."

Market reaction

The US Dollar Index showed no immediate reaction to this report and was last seen losing 0.44% on the day at 93.16.