NY Fed Nowcast GDP forecast remains at 2.8%

Still 1% below the Atlanta Fed

The Atlanta Fed GDPNow GDP estimate came out earlier at 3.8%. That was down from 4.1% at the last estimate.

The NY Fed is out with their weekly model estimate,and for the current week, they show no change. They continue to see 2Q GDP at 2.8% (2.79% rounded higher).

The biggest contributors is the PMI composite index (+0.06%) and Exports of goods and services (+0.05%). The largest subtractions include Parameter revisions (-0.06%) and Imports of goods and services (-0.04%).

For Q3, they raised their estimate to 2.7% from 2.5% last week.