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“Today’s advance estimate of real GDP growth for 2018:Q2 from the Commerce Department was 4.1%. The latest New York Fed Staff Nowcast for 2018:Q2 was 2.8%,” the Federal Reserve Bank of New York reported on Friday.

Key takeaways

  • The New York Fed Staff Nowcast for 2018:Q3 stands at 2.8%.
  • News from this week’s data releases increased the nowcast for 2018:Q3 by 0.4 percentage point.
  • Positive surprises from manufacturing data accounted for most of the increase.