U.S. New York Fed Expects 2.42% Q2 GDP Growth

The Federal Bank Reserve of New York has updated its Nowcast model, forecasting 2.42% GDP growth for the second quarter. That figure increased from the forecast of 2.34% a week ago on May 2. The estimate was much higher at 2.72% on April 25.

The bank cited positive trade data as a major factor for the increase. Its model includes several inputs, including retail sales, industrial production, and the status of the labor market.

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