Federal Reserve Bank of New York released a suspension notification on Friday, saying it had decided to halt the GDP Nowcast model due to pandemic-related uncertainties.
"The uncertainty around the pandemic and the consequent volatility in the data have posed a number of challenges to the Nowcast model. Therefore, we have decided to suspend the publication of the Nowcast while we continue to work on methodological improvements to better address these challenges," the official message read.
The last GDP report from a week ago estimated a 0.3 percentage points growth to 3.8% for the third quarter of 2021 with most of the increase accounted to positive data of the manufacturers' shipments of durable goods.
