US: NY Fed’s GDP Nowcast rises to 5.3% for Q2 after this week’s data

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The US economy is expected to grow by 5.3% in the second quarter of 2021, 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 2021:Q1, released on April 29, was 6.4%. The latest New York Fed Staff Nowcast for 2021:Q1 was 6.7%,” the NY Fed noted. “News from this week’s data releases increased the nowcast for 2021:Q2 by 0.7 percentage point. Positive surprises from personal consumption and disposable income data drove the increase.”

Market reaction

The US Dollar Index continues to push higher after this report and was last seen gaining 0.7% on the day at 91.25.

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