NY Fed Nowcast for 1Q GDP moves up to 2.85% from 2.73% last week

Durable goods and revisions to data, contribute to the gains

The NY Fed Nowcast for 1Q GDP growth is coming in higher this week.

The estimate is for 1Q growth to come in at 2.85% vs 2.73% last week. Durable goods data and “data revisions” contributed to the upside move.

For what it is worth, the 2Q growth is estimated at 3.0%. 

The Atlanta Fed GDP now estimate will be released later this morning. They see a much lower estimate. The last estimate from last Friday was down at 1.8%.  I would expect that their estimate would be increased in line with the better Durable goods data today.