The Federal Reserve Financial institution of New York workers nowcast of U.S. GDP development for the third and fourth quarters have been lowered on Friday, citing detrimental surprises from latest financial information.
The New York Fed Workers Nowcast for the third quarter was decreased to 2.9 p.c from 3.0 p.c estimated on October 18. The determine was lowered for a second time this month.
The nowcast for the fourth quarter was minimize to 2.5 p.c from 2.6 p.c.
“A detrimental shock from producers’ shipments information was the principle driver of the lower for each quarters,” the NY Fed mentioned.
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