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The US economy is expected to grow by 8.7% in the first quarter of 2021, the Federal Reserve Bank of New York’s latest Nowcasting Report showed on Friday. 

“News from this week’s data releases increased the nowcast for 2021:Q1 by 0.4 percentage point,” the publication read. “Positive surprises from personal consumption expenditures and disposable personal income data drove most of the increase.”

Market reaction

This report failed to provide a boost to market sentiment. As of writing, the S&P 500 was virtually unchanged on the day at 3,829.

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