“The New York Fed Staff Nowcast stands at 2.3% for 2018:Q4 and 1.2% for 2019:Q1,” the Federal Reserve Bank of New York announced on Friday.
Key quotes
- News from this week’s data releases increased the nowcast for both 2018:Q4 and 2019:Q1 by 0.1 percentage point.
- Positive surprises from manufacturing data accounted for most of the increase. A negative surprise from the Philadelphia Fed manufacturing survey partially offset the increase for 2019:Q1.
- The first 2018:Q4 GDP release, originally scheduled for January 30, has been postponed to February 28 as a result of the partial shutdown of the federal government. We will continue to backcast 2018:Q4 GDP growth until then.
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