New York Fed: GDP growth forecast for Q3 falls to 2.3% from 2.5%

"The New York Fed Staff Nowcast stands at 2.3% for 2018:Q3 and 2.8% for 2018:Q4," the Federal Reserve Bank of New York reported on Friday.

Key quotes

"News from this week's data releases decreased the nowcast for 2018:Q3 by 0.2 percentage point and decreased the nowcast for 2018:Q4 by 0.1 percentage point."

"A negative surprise from exports data and negative impacts from parameter revisions accounted for most of the decrease. Positive news from the ISM surveys partially offset the decrease for 2018:Q4."