NY Fed’s GDP Nowcast fell to 1.9% for Q3

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 1.9% in the third quarter of the year and 1.1% in the last quarter.

“News from this week’s data releases decreased the nowcast for 2019:Q3 by 0.1 percentage point and decreased the nowcast for 2019:Q4 by 0.3 percentage point,” the NY Fed explained in its publication. “Negative surprises from retail sales, capacity utilization, and housing data accounted for most of the decrease.”