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“The New York Fed Staff Nowcast stands at 1.3% for 2019:Q1 and 1.7% for 2019:Q2,” the Federal Reserve Bank of New York reported on Friday.

“News from this week’s data releases decreased the nowcast for 2019:Q1 by 0.1 percentage point and increased the nowcast for 2019:Q2 by 0.2 percentage point.”

“A positive surprise from the Philadelphia Fed manufacturing survey drove most of the increase for 2019:Q2, while higher-than-expected inventories accounted for most of the decline for 2019:Q1.”