New York Fed downgrades GDP Nowcast

New York Fed sees sluggish growth

The Nowcast GDP tracking estimate from the New York Fed has been lowered to 2.3% from 2.8%. Fourth quarter growth has also been lowered to 1.2% from 1.7%.

"The largest negative contributions over the last two weeks came from manufacturing, retail sales, and housing and construction data," the NY Fed said

Growth in Q1 was 0.9% and in Q2 it was 1.1%. Tally it up and that's something like 1.35% GDP growth for 2016. If it holds, this year will be the worst for growth since 2009.