NY Fed Nowcast: GDP growth 2.7% for 2017:Q1 and 2.3% for 2017:Q2

According to the Federal Reserve Bank of New York Staff Nowcast report, today’s advance estimate of GDP growth for 2017:Q1 from the Commerce Department was 0.7%, substantially weaker than the latest FRBNY Staff Nowcast of 2.7%.

• This week’s positive news from manufacturing and housing data pushed up the 2017:Q2 nowcast by 0.2 percentage point to 2.3%.