New York Fed Nowcast GDP tracker for fourth-quarter rises to 2.5% from 2.22%
Gains from capacity utilization and industrial productionThe NY Fed nowcast GDP tracker for the 4th quarter rose to 2.5% from 2.22% last week. This despite weaker retail sales reported today. The better-than-expected capacity utilization industrial production data today were both big catalyst for the move higher.
Below is the trend (which has been moving to the downside since the estimates started at the end of August), and the contributors/contractors from this week's numbers.