NY Fed Nowcast sees 2Q GDP at 2.3% (from 2.1%)

There 1Q estimate of 2.7% last week was wrong as Q1 GDP came in at 0.7%

The NY Fed Nowcast estimate for GDP comes in at 2.3% for the 2Q. This week's positive news from manufacturing and housing data pushed up the 2017:Q2 nowcast by 0.2 percentage point to 2.3% (was 2.1%).

At the same time, the NY Fed had to eat some crow as they had 1Q GDP at 2.7% vs the 0.7% reported this morning.

Sharpen the pencils and work on those models I guess.