According to the Federal Reserve Bank of New York’s latest Nowcasting Report published on Friday, the United States’ (US) economy is expected to expand by 0.8% in the last quarter of the year.
“The advance estimate from the Commerce Department of real GDP growth for 2019:Q3, released on October 30, was 1.9%. The latest New York Fed Staff Nowcast for 2019:Q3 was 1.9%,” the NY Fed said in its publication. “News from this week’s data releases decreased the nowcast for 2019:Q4 by 0.1 percentage point. Negative surprises from ISM manufacturing data accounted for most of the decrease for 2019:Q4.”
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