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The US economy is expected to contract by 9.3% in the second quarter of the year, the Federal Reserve Bank of New York’s latest Nowcasting Report showed on Friday. 

“The advance estimate from the Commerce Department of real GDP growth for 2020:Q1, released on April 29, was -4.8%,” the NY Fed noted in its publication. “The latest New York Fed Staff Nowcast for 2020:Q1 was -0.3%,” the NY Fed noted in its publication.”

Additional takeaways

“The New York Fed Staff Nowcast stands at -9.3% for 2020:Q2.”

“News from this week’s data releases decreased the nowcast for 2020:Q2 by 1.5 percentage points.”

“Negative surprises from personal consumption data drove most of the decrease.”