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