US: NY Fed's GDP Nowcast stands at 6.5% for Q1 after this week's data

The US economy is expected to grow by 6.5% in the first quarter of 2021, the Federal Reserve Bank of New York's latest Nowcasting Report showed on Friday. 

Additional takeaways

"The advance estimate from the Commerce Department of real GDP growth for 2020:Q4, released on January 28, was 4.0%. The latest New York Fed Staff Nowcast for 2020:Q4 was 2.6%."

"News from this week’s data releases decreased the nowcast for 2021:Q1 by 0.1 percentage point."

"A negative surprise from personal consumption data was partially offset by a positive impact in manufacturers’ inventories data."

Market reaction

The US Dollar Index showed no reaction to this report and was last seen posting small daily gains at 90.52.