by Mike ‘Mish’ Shedlock
The New York Fed Nowcast Model for second quarter GDP rose to 2.2% from 1.7% in today’s release.
The increase was largely due to a massive jump in new home sales. Durable goods also added to the strength.
Nowcast Highlights May 27, 2016:
- The FRBNY Staff Nowcast for GDP growth in 2016:Q2 has increased for the third week in a row and stands now at 2.2%.
- Positive news came from new single family houses sold and manufacturers’ new orders of durable goods.
- This week’s second estimate of GDP growth for 2016:Q1 from the Commerce Department was 0.8%. In the advance estimate released last month, GDP growth was 0.5%. The last FRBNY Staff Nowcast for that quarter, computed before the release of the advance estimate, was 0.7%