NY Fed Nowcast: GDP growth 2.8% for 2017:Q1 and 2.6% 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 2.8% for 2017:Q1 and 2.6% for 2017:Q2.
• News from this week’s data releases brought the nowcast for Q1 down 0.1 percentage point while the nowcast for Q2 was virtually unchanged.
• Negative contributions from both imports and exports as well as from today’s nonfarm payrolls offset the positive contribution from the ISM manufacturing employment index.