NY Fed's GDP Nowcast rises to 2.2% for Q3

According to the Federal Reserve Bank of New York's latest Nowcasting Report, the U.S. economy is expected to expand by 2.2% in the third quarter of the year explaining that positive surprises from manufacturing data drove most of the increase.

"Today's advance estimate from the Commerce Department of real GDP growth for 2019:Q2 was 2.1%. The latest New York Fed Staff Nowcast for 2019:Q2 was 1.5%," the publication read. 

"The New York Fed Staff Nowcast stands at 2.2% for 2019:Q3. News from this week's data releases increased the nowcast for 2019:Q3 by 0.3 percentage point."