NY Fed weekly GDP Nowcast estimate up to 6.8% from 6.1% last week
Moving back higher with US retail sales the catalyst
The NY Fed GBP Nowcast is projecting growth of 6.8% for the first quarter which is up from 6.1% last week. The catalyst for the week was the better-than-expected retail sales. The retail sales and food services component added 0.65% to the bottom line estimate this week. Other contributors included capacity utilization, industrial production and housing starts.
Below is a summary of the data flows for the current week along with the chart of the estimates going back to November/December last year.
PS The New York Fed also estimates Q2. Their model search to 4.4% from 1.5% last week although be aware, the data can be quite volatile.
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