It lowered its projection on gross domestic product in the second quarter after data that showed declines in new home sales and durable goods orders. The New York Federal Reserve has reduced its estimate for US gross domestic product growth for Q2 2018, from an annualised rate of 3.20% to 3.01%, according to its Nowcast model. In a note on the data, analysts at JP Morgan said that while they expected GDP growth in 2018 to be “moderate”, it was still likely to exceed 3%.
The New York Federal Reserve has reduced its estimate for US gross domestic product growth for Q2 2018, from an annualised rate of 3.20% to 3.01%, according to its Nowcast model. In a note on the data, analysts at JP Morgan said that while they expected GDP growth in 2018 to be “moderate”, it was still likely to exceed 3%.