Nov 4, 2019

N.Y. Fed forecast: U.S. Q4 GDP growth to fall to 0.8%

Dion Rabouin, author of Markets
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Data: Federal Reserve Bank of New York; Chart: Andrew Witherspoon/Axios

The New York Fed's GDP projection model predicted U.S. growth would slow to 0.8% in the fourth quarter.

Why it matters: If correct, it would be the weakest quarter since Q4 2015 and put the economy well off the pace of 2018's 2.9% annual growth.

  • However, prior to Q3's on-the-nose prediction of 1.9% quarterly growth, the N.Y. Fed's nowcasts haven't been especially accurate.

Go deeper: Economists see sustained low growth, but no recession

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Axios
Updated 5 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 2 a.m. ET: 19,638,142 — Total deaths: 726,786 — Total recoveries — 11,939,423 — Map.
  2. U.S.: Total confirmed cases as of 2 a.m. ET: 4,998,017 — Total deaths: 162,425 — Total recoveries: 1,643,118 — Total tests: 61,080,587 — Map.
  3. Politics: Trump signs 4 executive actions on coronavirus aid — Democrats, and some Republicans, criticize the move
  4. Public health: Fauci says chances are "not great" that COVID-19 vaccine will be 98% effective — 1 in 3 Americans would decline COVID-19 vaccine.
  5. Science: Indoor air is the next coronavirus frontline.
  6. Schools: How back-to-school is playing out in the South as coronavirus rages on — Princeton, Johns Hopkins, Howard to hold fall classes online.
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Axios
Updated 1 hour ago - Politics & Policy

Ohio Gov. Mike DeWine again tests negative for coronavirus after positive result

Photo: Justin Merriman/Getty Images

Ohio Gov. Mike DeWine (R) tested negative for COVID-19 for a second time after initially testing positive last week, he announced Saturday.

Why it matters: 73-year-old DeWine was set to meet President Trump Thursday on the tarmac at an airport in Cleveland and was tested as part of standard protocol.

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Axios
Updated 2 hours ago - Politics & Policy

Republicans and Democrats react to Trump's coronavirus aid action

President Trump speaks to workers at a manufacturing facility in Clyde, Ohio, on Thursday. Photo: Scott Olson/Getty Images

Some Republicans joined Democrats in criticizing President Trump Saturday night for taking executive action on coronavirus aid, with Democratic leaders demanding the GOP return to negotiations after stimulus package talks broke down a day earlier.

Why it matters: Trump could face legal challenges on his ability to act without congressional approval, where the power lies on federal spending. Sen. Ben Sasse (R-Neb.) was the most vocal Republican critic, saying in a statement: "The pen-and-phone theory of executive lawmaking is unconstitutional slop."

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