NY Fed raises US GDP nowcast for Q1 to 6.6%

Friday, 22. January 2021 17:54

The Federal Reserve Bank of New York announced on Friday that it increased its United States gross domestic product (GDP) nowcast for the first quarter of the year to 6.6%. The bank also raised its 2020 fourth quarter GDP nowcast to 2.6%.

Previously, the 2021 first quarter GDP nowcast stood at 6.2% while the nowcast for the last quarter of 2020 was at 2.5%.

The latest update comes after the Philadelphia Fed Manufacturing Business Outlook Index for current activity came in at 26.5 in December. Meanwhile, housing starts jumped 5.8%.

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Breaking the News / VP