A kick up in the 3Q estimate
With the 2Q in the rear view mirror, the focus on the guesstimates for the 3Q GDP will begin.
The estimate for the 3Q from the NY Fed Nowcast model is projecting growth at 2.21%. That is up from last week's 1.88% estimate (NY Fed does project the forward GDP in their models ahead of the Q2 release).
Although the 2Q data was released earlier, the NY Fed also revised their models estimate for growth to 1.5% from 1.41%. The actual GDP came out earlier today at 2.1%. The Atlanta Fed's final estimate was at 1.3%.
