New York Fed Nowcast growth estimate for Q2 falls to 1.8% down from 1.93% last week

The New York Fed Staff Nowcast growth estimate for Q2 growth falls to 1.8% down from 1.93% on June 28

• The New York Fed Staff Nowcast for 2024:Q2 is 1.8%, with the 50% probability interval at [0.8, 2.9] and the 68% interval at [0.3, 3.3]. The Staff Nowcast is 2.1% for 2024:Q3.
• News from this week’s data releases decreased the estimates for both 2024:Q2 and 2024:Q3 by 0.1 percentage point.
• A positive surprise from nonfarm payroll employment data was offset by negative surprises from unemployment and ISM manufacturing survey data, as well as a negative impact from data revisions for both quarters.

The high water mark for the quarter reached 2.74% on April 26.

This article was written by Greg Michalowski at www.forexlive.com.