The Q3 estimate is also lower
- The New York Fed Nowcast estmate for 2Q GDP stands at 1.9%.
- The 3Q estimate is now 1.5%.
- The Q2 is lower by 0.4 percentage point (was 2.3% last week)
- The Q3 is lower by 0.3 percentage point (was 1.8% last week).
- The decrease in the nowcast was driven mainly by negative surprises from housing and retail sales data that were only partly offset by positive surprises from surveys and manufacturing data.