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“The New York Fed Staff Nowcast stands at 2.5% for 2018:Q3 and 2.9% for 2018:Q4,” the Federal Reserve Bank of New York reported on Friday.

“News from this week’s data releases increased the nowcast for both 2018:Q3 and 2018:Q4 by 0.2 percentage point,” the bank explained and added: “Positive surprises from manufacturing data accounted for most of the increase.”