US: NY Fed's GDP Nowcast declines to 3.7% for Q3 after this week's data

The US economy is expected to grow by 3.7% 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 decreased the nowcast for 2021:Q3 by 0.5 percentage point.," the NY Fed said in its publication. "Negative surprises from ISM manufacturing data and ADP employment data accounted for most of the decrease."

Market reaction

The US Dollar Index showed no immediate reaction to this report and was last seen gaining 0.6% on a daily basis at 92.82.