Sees 4Q at 2.7% vs 2.8% last week

The NY Fed raised their estimate for 3Q growth to 2.3% vs 2.2% last week. When you look at another decimal point, the gain was from 2.24% last week to 2.26% this week. Not a big change.

Below is a graph of the trend. The high was around 3% and the low was near 2%. The impacts this week were from building permits (subtracted -0.09%) while the housing starts added 0.12%.

The NY Feds estimate runs in contrast to the Atlanta Fed GDPNow estimate which was last reported at 4.4% (released on Wednesday). Other estimates mostly are in between the two Fed estimates.