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5/19, 6:20 PM (Source: TeleTrader.com)
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NY Fed raises GDP nowcast to 2.3% for Q2

The Federal Reserve Bank of New York raised its "nowcast" for gross domestic product growth in the United States to 2.3% for the second quarter, according to a report published on Friday.

The upward revision of 0.4 percentage points was mainly driven by positive surprises from industrial production and capacity utilization data released this week, the bank explained. However, this was partly offset by the negative contribution coming from housing data, the report stated.

TeleTrader Newsroom / IB