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NY Fed Nowcast estimate for 3Q growth lowered to 3.5% from 3.8%

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.

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