New York Fed's GDP Nowcast projection for 4Q growth lowered to 3.88% vs 3.97% last week

Sees Q1 2018 at 3.21% vs 3.45% last week

The NY Fed is out with their weekly projection for 4Q and 1Q 2018 GDP.

Their Nowcast forecast for the 4Q shows a decline to 3.88% from 3.97% last week. For the 1Q of 2018, they now see growth of 3.21% vs 3.45% last week.

Below is a look a the trend and also the list of the impact to the report this week. The only contributor was CPI - less food and energy. Retail sales and food services subtracted the most this week (see Data Flow values below).

The Atlanta Fed expected to announce their most recent estimate for fourth quarter. On Wednesday they raised their tracking to 2.8% from 2.7%. They remain well below the NY Fed's forecast in the battle of the GDP economic models.