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The New York Federal Reserve lifted its projection of U.S. gross domestic product growth for the third quarter beyond 2 percent, prompted by the string of upbeat economic data on retail sales, industrial production and regional manufacturing.
The New York Fed's “Nowcast” model estimated the economy growing at an annualized rate of 2.09 percent in Q3, faster than the anticipated 1.96 percent a week prior. The regional central bank said that the unexpectedly positive results from retail sales, survey and industrial production data overshadowed the negative readings from the housing data.
According to the Federal Reserve on Thursday, manufacturing production fell 0.1 percent in July, mainly caused by a 3.6 percent decline in motor vehicles and parts output.
Earlier in the week, data showed that domestic retail sales rose 0.6 percent in the previous month to record their biggest increase since December 2016. June's retail sales were revised upward to show an increase of 0.3 percent, contrary to an early estimate of a 0.2 percent decline
The NY Fed's Empire State general business conditions index advanced from 15.4 pts to 25.5 in August, its highest reading in 3 years.
But on the other hand, home construction declined 4.8 percent to an annual rate of 1.116 million units, the slowest rate in 10 months according to the Commerce Department.
