NY Fed's GDP Nowcast jumps to 1.3% for Q4 2019

The United States' (US) economy is expected to expand by 1.3% in the last quarter of the year, the Federal Reserve Bank of New York's latest Nowcasting Report showed on Friday.

"News from this week's data releases increased the nowcast for 2019:Q4 by 0.6 percentage point and increased the nowcast for 2020:Q1 by 0.8 percentage point," the NY Fed explained in its publication. "Positive surprises from industrial production, capacity utilization, and housing data drove most of the increase."

Earlier in the day, the US Bureau of Economic Analysis' final estimate of the third-quarter Gross Domestic Product (GDP) growth came in at 2.1% on a yearly basis as expected.