NY Fed cuts GDP growth view to 1.4% for Q2

Friday, 24. May 2019 18:19

The Federal Reserve Bank of New York said on Friday that its unofficial model tracking the economy of the United States pointed to real expansion of 1.4% in the three months through June.

The figure in the so-called staff nowcast was revised by 0.38 percentage points lower from one week before, mostly with the latest data on shipments of durable goods by manufacturers. The item chipped off 0.23 points from the measure of expansion and 0.03 were subtracted both by the inventories factor and the change in new orders. The fall in home sales brought a decline of 0.04 points and another 0.06 came from revisions. The gauge of gross domestic product started the series on March 1 with 1.2% and went to as high as 2.2%.

Earlier, the Atlanta Fed placed the economic growth rate for the current quarter at 1.3%, compared to 1.2% from the previous update. It attributed the shift to improvements in residential investment and private inventories. The headline gauge has varied between 0.9% and 1.7%.

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