Not to be confused with the Atlanta Fed GDPNow forecast.
Maybe this is the Feds problems. Too many districts adding more confusion (and eroding credibility in the process).
Anyway, as per the website, "The report tracks the evolution of the FRBNY Staff Nowcast of GDP growth and the impact of new data releases on the forecast. We update it each Friday (except during blackout periods surrounding Federal Open Market Committee meetings), using data available up to 10 a.m. Find detailed information about our methodology within the report."
The last Nowcast showed GDP above 2% for both the Q2 and Q3. Conflicting news over the weekend on met a slightly positive effect on the nowcast and the largest positive contributions came from real, personal consumption expenditures and the ISM manufacturing agreements.
Meanwhile over at the Atlanta Fed GDPNow (not "cast" just "Now"). The estimate from them is 2.8% for 2Q (revised today). That was unchanged from June 14. They add:
"Since the previous GDPNow update on Tuesday, the forecast for real consumer spending growth increased from 3.9 percent to 4.1 percent and the forecast for real residential investment growth increased from 2.5 percent to 3.5 percent. These increases were offset by a decline in the forecast of the contribution of inventory investment to second-quarter growth from -0.28 percentage points on June 14 to -0.41 percentage points this morning"
I guess since NY Fed does not just plug in stuff for the current quarter to get where we are at from a growth standpoint (like Atlanta does), they forecast out to the Q3. The FOMC Central tendencies pegged 2016 GDP at 1.9-2.0% . So I guess the Nowcast is in sync.
PS Draghi is also scheduled to be speaking.
**** 10 AM in the original title, is really 11 AM and it does not matter as Draghi has said nothing and the Nowcast? Crickets over there too.
