NY Fed Nowcast: GDP growth 1.8% for 2017:Q2

Federal Reserve Bank of New York published its weekly GDP forecast report, with key highlights found below:

• The FRBNY Staff Nowcast stands at 1.8% for 2017:Q2.
• News from this week’s data releases reduced the nowcast for Q2 by 0.5 percentage point.
• Negative surprises from the ISM manufacturing survey as well as import and export data were only partly offset by positive surprises from the employment report.