NY Fed Nowcast for 2Q GDP is down to 1.9% from 2.3% last week

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.