Growth seen below 2%
The first reading on Q2 growth is due at the end of this month and estimates are slipping. The latest estimate from the New York Fed has fallen to 1.9% from 2.0% a week ago. The
"Positive surprises from industrial production and capacity utilization were offset by a negative surprise from retail sales and from data revisions," the release said.
Back in March they had forecast growth as high as 3.0%.
The Q3 forecast was bumped to 1.84% from 1.78%.
