NY Fed Nowcast: GDP growth stands at 2.3% for 2017:Q2

Federal Reserve Bank of New York published its weekly GDP forecast report, with key highlights found below:

  • Incoming data during the week led to an increase in the nowcast for 2017:Q2 of 0.4 percentage point.
  • The increase in the nowcast was driven mainly by positive surprises from industrial production and capacity utilization data, and was only partly offset by negative news from housing data.