NY Fed's real GDP tool lifts estimates for US

Friday, 14. June 2019 18:05

The indicator of real expansion in the gross domestic product calculated by the Federal Reserve Bank of New York showed improvement for the second and third quarters. In a weekly update on Friday, the annualized pace for the three months through June came in at 1.36% compared to the previous 1.01%, the lowest in the series. The report's authors cited today's positive macroeconomic surprises. The nowcast, launched on March 1, has brought the headline up to 2.2%.

The rise in industrial production in the United States in May strengthened the item's contribution by 0.12 percentage points, followed by 0.1 from retail sales, 0.09 points from capacity utilization and 0.8 added in revisions. Earlier in the week, the trade balance update subtracted 0.02 points and the consumer price report chipped off another 0.01.

For the third quarter, the perceived growth rate was boosted by 0.39 points to 1.7%. It started on May 31 at 1.98%.

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