NY Fed: GDP Nowcast for 2019:Q1 drops to 0.9% from 1.2%

"Yesterday’s first estimate of real GDP growth for 2018:Q4 from the Commerce Department was 2.6%. The latest New York Fed Staff Nowcast for 2018:Q4 was 2.3%," notes the Federal Reserve Bank of New York in its latest Nowcasting Report.

Key quotes

"The New York Fed Staff Nowcast for 2019:Q1 stands at 0.9%."

"News from this week's data releases decreased the nowcast for 2019:Q1 by 0.3 percentage point."

"The negative impact of higher than expected manufacturers’ inventories and negative surprises from personal consumption data drove most of the decrease."