New York Fed suspends GDP Nowcast model
Blames volatility in the data
After forecasting 3.8% GDP growth in last week’s report, the NY Fed has suspended the data tracker — likely because it would have shown something much lower this week.
The
uncertainty around the pandemic and the consequent volatility in the
data have posed a number of challenges to the Nowcast model. Therefore,
we have decided to suspend the publication of the Nowcast while we
continue to work on methodological improvements to better address these
challenges.
There’s no word on when it will resume.
