NY Fed's GDP Nowcast for Q3 drops to 14.6% after this week's data releases

The US economy is expected to expand by 14.6% in the third quarter of the year, the Federal Reserve Bank of New York's latest Nowcasting Report showed on Friday.

Key takeaways

"News from this week’s data releases decreased the nowcast for 2020:Q3 by 2.2 percentage points."

"Negative surprises from ADP nonfarm payroll, ISM manufacturing survey data, and international trade data drove most of the decrease."

Market reaction

This report doesn't seem to be impacting the greenback's market valuation in a meaningful way. As of writing, the US Dollar Index was up 0.66% on the day at 93.38.

Aug 7, 2020

Canada: Labour market recovery still has a long way to go – NFB

The July Canadian employment report showed a positive change in employment by 419K. Analysts at the National Bank of Canada point out the recovery con

Canada: Will impose tariffs on imports of certain US aluminum products by September 6

Canada's Deputy Prime Minister Chrystia Freeland said on Friday the idea that Canadian aluminum is a threat to the US economy is a "ludicrous notion."