NY Fed Staff Cuts GDP Growth Estimates for Q3 and Q4 | 25.10.24

(RTTNews) – The Federal Reserve Bank of New York’s third- and fourth-quarter U.S. GDP growth figures were downgraded 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 the second time this month.

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

“A negative surprise from manufacturer shipment data was the main driver of the decline for both quarters,” the NY Fed said.