New York Fed Q2 GDP Nowcast Dips to 1%

The Atlanta Federal Reserve's GDPNow is up a bit since last we looked, although down from yesterday.

First up, the Federal Reserve Bank of New York:

Jun 07, 2019: New York Fed Staff Nowcast

• The New York Fed Staff Nowcast stands at 1.0% for 2019:Q2 and 1.3% for 2019:Q3.

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And from the Atlanta Fed:

Latest forecast: 1.4 percent — June 7, 2019

The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2019 is 1.4 percent on June 7, down from 1.5 percent on June 6. The nowcast of second-quarter real government expenditures growth decreased from 2.0 percent to 1.7 percent after this morning's employment report from the U.S. Bureau of Labor Statistics.

The next GDPNow update is Friday, June 14. Please see the "Release Dates" tab below for a list of upcoming releases.

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RE: GDPNow, from Tuesday's post:

...The scary thing is that GDPNow tends to be optimistic further out and resolves closer to the flash GDP number as it approaches.

I'm thinking rate cuts, eh?