NY Fed Nowcast estimate for 3Q growth cut
The current week’s estimate for Q3 growth from the New York Fed Nowcast model, is showing a decline to 3.5% from 3.8% last week. The biggest contributor to the downside was retail sales and food services which attracted -0.39%. Housing starts and Empire State manufacturing survey also contributed to the downside (-0.11% and -0.14% respectively).
On the topside, capacity utilization and industrial production along with building permits were net positives for the week.