Courtesy of Mish.
Both the Atlanta Fed GDPNow and the New York Fed Nowcast updated their models today. Let’s take a look at where they stand for second-quarter GDP.
GDPNow Latest forecast: 3.7 percent — May 26, 2017
Nowcast Latest forecast: 2.2 percent — May 26, 2017
Nowcast Highlights
- The New York Fed Staff Nowcast stands at 2.2% for 2017:Q2.
- News from this week’s data releases reduced the nowcast for 2017:Q2 by 0.1 percentage point as the positive impact from wholesale inventories data was more than offset by the negative impact from the advance durable goods report and new home sales data.
Mish Estimate?
I have no estimate yet, other than to suggest GDPNow is way too high and Nowcast is likely high as well.