Courtesy of Mish.
Following today’s reports on factory orders, international trade, jobs, and two reports on services, the New York Fed GDP Nowcast rose 0.2 percentage points to 2.4%.
If 2.4% is the over-under line, I’ll take the “under”.
- The FRBNY Staff Nowcast is above 2% for both 2016:Q2 and 2016:Q3.
- Conflicting news over the week had on net a slightly positive effect on the nowcast.
- The largest positive contributions came from real personal consumption expenditures and the ISM manufacturing release.
2nd Quarter Nowcast
Nowcast Details
Positive and Negative Factors
The biggest positive factors since the May 27 report were personal consumption expenditures, the manufacturing ISM, and the unemployment rate.