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7/5, 6:52 PM (Source: TeleTrader)
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NY Fed lifts US growth view for both Q2, Q3

The latest data on domestic manufacturing, trade balance and employment boosted a widely tracked measure of economic expansion that the Federal Reserve Bank of New York calculates according to its nowcast model. The update released on Friday put growth in the United States at 1.5% for the past quarter and 1.7% for the three months through September. The two indicators strengthened by 0.2 and a whopping 0.5 percentage points, respectively.

The unofficial estimate of the real rise in gross domestic product in the third quarter had the biggest positive contribution, 0.21 points, from the change in the manufacturing index of the Institute for Supply Management. Imports added 0.12 and ISM's composite measure followed with 0.11 points. Total nonfarm employment and imports both pushed the total higher by 0.09 points, against modest decreases from the manufacturing price index and revisions.

Breaking the News / IT