NY Fed's GDP Nowcast for second-quarter drops to 1% from 1.5%

"The New York Fed Staff Nowcast stands at 1.0% for 2019:Q2 and 1.3% for 2019:Q3," the Federal Reserve Bank of New York reported on Friday.

Key quotes

• News from this week's data releases decreased the nowcast for 2019:Q2 by 0.5 percentage point and decreased the nowcast for 2019:Q3 by 0.7 percentage point.
• Negative surprises from the ISM manufacturing survey, employment data, and international trade data drove most of the decrease.