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“The New York Fed Staff Nowcast stands at 1.4% for 2019:Q1 and 1.5% for 2019:Q2,” the Federal Reserve Bank of New York announced on Friday.

“News from this week’s data releases increased the nowcast for 2019:Q1 by 0.5 percentage point and increased the nowcast for 2019:Q2 by 0.3 percentage point.”

“The increase was driven by positive surprises from housing data and the ISM non-manufacturing survey, which was only partially offset by negative surprises from labor data.”