NY Fed Nowcast forecast for 4Q growth ticks up to 1.2% from 1.1% last week

Author: Greg Michalowski | Category: Central Banks

Housing starts, JOLTs job openings and Retail sales contributed to the gain this week

The New York Fed Nowcast forecast for 4Q GDP growth has ticked up to 1.2% from 1.1% last week.

Contributing to the gains was housing starts, JOLTS job openings, and retail sales and food services.  Negatives for the week included building permits, capacity utilization and Philadelphia Fed manufacturing business outlook/current activity.

Below are the details of the index and the contributing pieces for the week:

Housing starts, JOLTs job openings and Retail sales contributed to the gain this week
The New York Fed also forecasts the next quarter of growth. For the 1Q of 2020, they raised their projections to 1.7% from 1.2% last week. The big contributors were housing starts, Philadelphia Fed, retail sales and food services and the Empire State manufacturing survey.  Below are the details of that models contributors and detractors for the week.

New York Fed now cast
The Atlanta Fed GDP estimates fell sharply earlier this week to 1.8% from 2.3% for their estimate for 4Q growth. They will release their latest estimate later today.  
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