The US economy is expected to contract by 31.2% in the second quarter of the year, the Federal Reserve Bank of New York’s latest Nowcasting Report showed on Friday.
“News from this week’s data releases decreased the nowcast for 2020:Q2 by 21.9 percentage points,” the publication further read. “Unprecedented negative surprises from labor market data drove most of the decrease.”
Market reaction
This data was ignored by the market participants. As of writing, Wall Street’s main indexes were up between 1% and 1.5%.
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