The NY Fed Nowcast for Q2 comes in at 2.7%, down from 2.8% last week.

Housing hurts this week

The NY Fed model for 2Q GDP growth saw a dip to 2.7% from 2.8% last week. The fall can be attributed to weaker housing. Building permits subtracted -0.03% and Housing starts trimmed -0.07%. Industrial production added 0.03% this week.

For what it is worth, their model for Q3 fell to 2.4% from 2.6% in the current week.

The Atlanta Fed GDPNow will not report their next estimate of GDP until July 26th. At the last estimate they remained at 4.5%. The next estimate will be the last as 2Q GDP is released on Friday July 27th.

BTW, this report from the NY Fed is likely to be their last as well (normally release on Friday) for Q2.