NY Feds Nowcast estimate for Q1 GDP seen at 2.82% vs 2.87% last week

Little changed from last week.

The Q2 estimate is 2.6%.

In their words:

April 7, 2017: Highlights

• The FRBNY Staff Nowcast stands at 2.8% for 2017:Q1 and 2.6% for 2017:Q2.
• News from this week's data releases brought the nowcast for Q1 down 0.1 percentage point while the nowcast for Q2 was virtually unchanged.
• Negative contributions from both imports and exports as well as from today's nonfarm payrolls offset the positive contribution from the ISM manufacturing employment index.

The Atlanta Fed is due to give their latest estimate after the worse than expected US employment report. ON April 4th they estimated GDP at 1.2%.

Overall, the NY Fed is higher than most estimates, while the Atlanta Fed is on the weakish side.