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NY Fed’s GDP Nowcast rises to 3.8% for Q3 after this week’s data

The US economy is expected to grow by 3.8% in the third 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:Q3 by 0.1 percentage point,” the NY Fed explained in its publication. “Positive surprises from PPI price data accounted for most of the increase.”

Market reaction

The greenback continues to weaken against its rivals after this report. As of writing, the US Dollar Index was down 0.5% on the day at 92.54.

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