NY Fed's GDP Nowcast eased to 1.5% for Q3 of 2017

"The New York Fed Staff Nowcast stands at 1.5% for 2017:Q3 and 2.6% for 2017:Q4," the Federal Reserve Bank of New York announced on Friday.

Key quotes:

• News from this week's data releases decreased the nowcast for Q3 by 0.2 percentage point and decreased the nowcast for Q4 by 0.3 percentage point.
• Negative surprises from the new residential construction and industrial production releases accounted for most of the decline.