Comes after 2.1% growth (advanced) in 4th quarter
Now that the 1st estimate for the 4Q GDP is behind us at 2.1% (the NY Fed forecasted 1.2%), the focus for the GDP models is not on Q1.
The Atlanta Fed forecasted 2.7% earlier today in their first go at guesstimating growth. The NY Fed's model has been chugging along for a few weeks now. Last week they estimated 1st quarter growth at 1.67%. This week they see growth at 1.55%.
The big negative for the week came from manufacturing inventories in the durable goods report which attracted -0.16%. The biggest gainer she came from PCE chain price index and PCE less food and energy which each added 0.03%. Below is the table of the plus or minus contributors for the current week.
