NY Fed: GDP growth expectations stand at 3.0% for Q2 and 2.8% for Q3

The Federal Reserve Bank of New recently published its weekly GDP growth expectation report with key takeaways found below.

• The New York Fed Staff Nowcast stands at 3.0% for 2018:Q2 and 2.8% for 2018:Q3.
• News from this week's data releases decreased the nowcast for both quarters by 0.1 percentage point.
• Negative surprises from industrial production and capacity utilization data outweighed positive surprises from producer prices, retail sales, and the Empire State Manufacturing survey.