NY Fed Nowcast: GDP growth 2.2% for 2017:Q2 and 1.8% for 2017:Q3

According to the Federal Reserve Bank of New York Staff Nowcast report, the effects of this week’s news were small and on balance left the nowcast for 2017:Q2 unchanged and nudged the 2017:Q3 nowcast down by 0.2 percentage point.

• The most significant news of the week came from the ISM release. Its negative effect was mostly offset by the positive effect of data revisions, especially for 2017:Q2.