NY Fed's GDP Nowcast at 0.8% for fourth quarter of 2019

According to the Federal Reserve Bank of New York's latest Nowcasting Report published on Friday, the United States' (US) economy is expected to expand by 0.8% in the last quarter of the year.

"The advance estimate from the Commerce Department of real GDP growth for 2019:Q3, released on October 30, was 1.9%. The latest New York Fed Staff Nowcast for 2019:Q3 was 1.9%," the NY Fed said in its publication. "News from this week's data releases decreased the nowcast for 2019:Q4 by 0.1 percentage point. Negative surprises from ISM manufacturing data accounted for most of the decrease for 2019:Q4."