The US economy is expected to contract by 7.8% in the second quarter of the year, the Federal Reserve Bank of New York’s latest Nowcasting Report showed on Friday. The GDP growth forecast for the first quarter stayed unchanged at -0.4%.
“News from housing and manufacturing data left the nowcast for 2020:Q1 broadly unchanged and increased the nowcast for 2020:Q2 by 0.1 percentage point,” the NY Fed explained in its weekly publication.
Market reaction
Investors paid little to no mind to these figures. As of writing, the US Dollar Index was down 0.08% on the day at 100.40 and Wall Street’s main indexes were trading little changed when compared to Thursday’s closing levels.
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