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The US economy is expected to expand by 16.8% in the third quarter of the year, the Federal Reserve Bank of New York’s latest Nowcasting Report showed on Friday. 

Key takeaways

“The advance estimate from the Commerce Department of real GDP growth for 2020:Q2, released on July 30, was -32.9%. The latest New York Fed Staff Nowcast for 2020:Q2 was -13.7%.”

“News from this week’s data releases increased the nowcast for 2020:Q3 by 3.5 percentage points.”

“Positive surprises from manufacturers’ shipments of durable goods, wholesale inventories, and personal consumption data drove most of the increase for 2020:Q3.”

Market reaction

The US Dollar Index paid little to no mind to this report and was last seen gaining 0.1% on a daily basis at 93.06.