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“The New York Fed Staff Nowcast stands at 2.9% for 2018:Q2 and 2.6% for 2018:Q3,” the Federal Reserve Bank of New York said in its latest Nowcasting report. Below are key takeaways from the official publication.

  • News from this week’s data releases decreased the nowcast for 2018:Q2 by 0.1 percentage point and decreased the nowcast for 2018:Q3 by 0.2 percentage point.
  • Negative surprises from building permits data and the Philadelphia Fed Manufacturing survey accounted for the decrease.