The data cut our 4Q 2019 GDP tracking estimate by 0.1pp to 2.0% and our 1Q 2020 estimate by 0.3pp to 0.7% qoq saar. [Feb 14 estimate]
From the NY Fed Nowcasting Report
The New York Fed Staff Nowcast stands at 1.4% for 2020:Q1. News from this week’s data decreased the nowcast for 2020:Q1 by 0.3 percentage point. [Feb 14 estimate]
And from the Altanta Fed: GDPNow
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2020 is 2.4 percent on February 14, down from 2.7 percent on February 7. [Feb 14 estimate]
CR Note: These early estimates suggest real GDP growth will be between 0.7% and 2.4% annualized in Q1.