NY Fed GDP Nowcast for the 1Q moves lower from last week. The weekly NY Fed GDP Nowcast is showing a fall to 2.83% (rounded to 2.8%) for the current week. That is down from 3.0% (3.05%) last week.
The biggest negative was from trade. Export of goods and services subtracted -0.15% this week and imports subtracted an additonal -0.03%. The US employment report in their model today, had no impact with civilian unemployment rate subtracting -0.02% but total nonfarm payroll added +0.02%.