The Federal Reserve Bank of New York's latest nowcast for U.S. GDP growth in the third and fourth quarters has been revised downwards, following unexpected developments in recent economic data.
For the third quarter, the New York Fed Staff Nowcast has been adjusted to 2.9 percent from the initial 3.0 percent projection made on October 18, marking the second downward revision this month. Similarly, the nowcast for the fourth quarter has been trimmed to 2.5 percent, down from 2.6 percent.
The primary factor contributing to these downward adjustments was an unanticipated dip in manufacturers' shipment data, as stated by the NY Fed.
