They see 2Q growth at 2.98% vs 3.08% last week
As other economists and models raised their estimates for 2Q GDP this week, the NY Fed Nowcast lowered their estimate by -0.1% from 3.08% to 2.98%. IN contrast, the Atlanta Fed forecasts 4.8% and Goldman Sachs sees 4.0%
The table above shows the impacts. Today's capacity utilization and Industrial production subtracted -.24% and tilted the estimate to the downside today. Admittedly, other estimates from yesterday, did not account for the data today. So they may dip. Nevertheless, the "bid to ask" spread for the GDP is getting kinda wide.
