NY Fed Nowcast estimate for 4Q GDP at 3.9%

Down from 4.0% last week

The NY Fed is out with their estimates for 4Q and 1Q 2018.

They now see 4Q GDP at 3.9%, down from 4.0% last week. The biggest contributor was single family houses sold (added 0.1%). Data revisions subtracted -0.09% (see charts below).

For the 1Q, they see growth at a 3.2% annualized pace.

Earlier today, the Atlanta Fed lowered their estimate for the 4Q to 2.8% from 3.3% in the prior week. Needless to say, there is a divergence of opinion from the respective Fed models.