NY Fed's GDP Nowcast jumps to 2.2% for third-quarter

According to the Federal Reserve Bank of New York's latest Nowcasting Report, the US economy is expected to expand by 2.2% in the third quarter of the year.

"The New York Fed Staff Nowcast stands at 2.2% for 2019:Q3 and 2.0% for 2019:Q4," the publication read.

"News from this week's data releases increased the nowcast for 2019:Q3 by 0.7 percentage point and increased the nowcast for 2019:Q4 by 0.9 percentage point. Positive surprises from industrial production, capacity utilization, and housing data drove the increase."