NY Fed reduces GDP growth expectation in Q3 to 2% from 2.4%

"The New York Fed Staff Nowcast for 2018:Q3 stands at 2.0%," the Federal Reserve Bank of New York announced in its weekly publication.

Key quotes

• News from this week’s data releases decreased the nowcast for 2018:Q3 by 0.4 percentage point.
• The negative impact of higher than expected manufacturers’ inventories drove most of the decrease.