NY Fed GDP Nowcast down to 1.5% from 1.6% last week

Q4 seen at 2.0% — Unchanged from last weekIn the NY Fed’s words:

  • The New York Fed Staff Nowcast stands at 1.5% for 2017:Q3 and 2.0% for 2017:Q4.
  • The effect of news from this week’s data releases was small, decreasing the nowcast for Q3 by 0.1 percentage point and leaving the nowcast for Q4 broadly unchanged.
  • The impact of data revisions and negative surprises from housing and consumption data outweighed positive surprises from manufacturing data.

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