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Nowcast GDP Estimate Dips to 2.1%, GDPNow at 2.8%

By Ilene
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Courtesy of Mish.

The last FRNBY Nowcast report was on June 3.

It’s been two weeks since the last report. Why the delay? The answer is last Friday was caught in a blackout period before the FOMC meeting this week.

In contrast to the Atlanta Fed GDPNow Model, the Nowcast model declined since the last estimate.

Please consider the June 17 FRNBY Nowcast Report.

Highlights

  • The FRBNY Staff Nowcast is slightly above 2% for both 2016:Q2 and 2016:Q3, having declined slightly over the past week.
  • This week’s news had an overall negative effect on the nowcast.
  • The largest negative contributions came from manufacturing data, only partly offset by positive news from retail sales and housing data.

Second Quarter Nowcast Estimate

Nowcast 2016-06-17B

Nowcast Running Detail for One Month


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