New York Fed Q3 GDP Nowcast +1.6% vs 1.5% prior

Far below the official estimate

The first estimate was released earlier today and was 3.0%. So either the New York Fed is way off or GDP is going to be revised lower.

For Q4, the NY Fed pegs growth at 3.05%, up from 2.6%.

"Positive surprises from manufacturing and new home sales data accounted for the increase," the New York Fed said.