Financial News: NY Fed Staff Lowers Q3 & Q4 GDP

NY Fed Staff Lowers Q3 & Q4 GDP Growth Estimates

10/25/2024 - 13:03:00 (RTTNews)

(RTTNews) - The Federal Reserve Bank of New York staff nowcast of U.S. GDP growth for the third and fourth quarters were lowered on Friday, citing negative surprises from recent economic data.

The New York Fed Staff Nowcast for the third quarter was reduced to 2.9 percent from 3.0 percent estimated on October 18. The figure was lowered for a second time this month.

The nowcast for the fourth quarter was cut to 2.5 percent from 2.6 percent.

"A negative surprise from <a href=https://www.rttnews.com/3484445/u-s-durable-goods-orders-fall-more-than-expected-as-aircraft-demand-slumps.aspx?type=useco target=_blank >manufacturers' shipments data</a> was the main driver of the decrease for both quarters," the NY Fed said.

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