The latest GDP Nowcast reports from the NY Fed

  • Q1 down to 2.73% from 2.83%
  • Q2 down to 2.85% from 2.96%

The Q1 estimate was as high as 3.45% early in the year but has been trending steadily lower.

"Positive surprises from industrial production and capacity utilization were roughly offset by negative surprises from retail sales and new residential construction data,' the NY Fed said.