US: NY Fed's GDP Nowcast edges lower to 3.2% for Q4 after this week's data releases

The US economy is expected to expand by 3.2% 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 advance estimate from the Commerce Department of real GDP growth for 2020:Q3, released on October 29, was 33.1%. The latest New York Fed Staff Nowcast for 2020:Q3 was 13.6%."

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

"A negative surprise from manufacturers’ shipments of durable goods data accounted for most of the decrease."

Market reaction

The US Dollar Index largely ignored this report and was last seen posting small daily gains at 94.00.