A shift lower in the 1Q growth estimate from the NY Fed Nowcast model

The New York Fed Nowcast which models 1st quarter growth estimates, ha decline to 1.71% from 2.14% last week .

The biggest negative contributors came from:

  • ISM manufacturing PMI composite index -0.22%
  • ISM manufacturing employment index -0.16%

The largest contributor this week included:

  • value construction, +0.04%
  • all employees: nonfarm payroll +0.03%
A shift lower in the 1Q growth estimate from the NY Fed Nowcast model

The Atlanta Fed will release their estimate for GDP growth today as well. The last estimate on March 2 pegged growth at 2.7%.