Final reading for the GDP before next weeks Advanced GDP report
The NY Fed Nowcast GDP estimate for the 2Q growth dipped to 1.4% (actually 1.41%) from 1.5% (actually 1.49%) last week. Building permits was the biggest negative (-0.05%) folllowed by the Phil. Fed index (-0.02%). Retail sales and food services was the largest gainer at 0.02%).
The report will be the last before the advance GDP estimate scheduled for next Friday. The estimate from economist on Bloomberg is currently at 1.8% (subject to change) with a high estimate at 2.5% and a low at 1.0%.
The NY Fed also estimates 3Q growth. The estimate for it rose to 1.9% (actually 1.88%) from 1.8% (actually 1.75%) last week.
