Marginally lower actually, but not by much
If you look at the NY Fed’s estimate for 3Q growth, the model spits out 1.91% vs 1.94% last week. That was not a large enough drop to change the rounded number of 1.9% for the quarter.
There were no contributions from the data this week, but the declines were modest from durable goods inventories, durable goods shipments and new orders from durable goods. Data revisions also contributed to a -0.01 decline.
For the 4Q estimate, the decline was more pronounced with the estimate moving from 1.05% to 0.91%.