Ballpark Adjustment to Gdpnow:
Figure 1: GDP (Bold Black), February SPF Median (Light Blue), NY Fed Nowcast of 2/28 for Q1 (Blue Square), Gdpnow Nowcast of 3/6 (Red Triangle), alternative gdpnow holding effect of 2/28 to GS Estimate (Pink Square), Goldman Sachs Tracking or 3/6 (Light Green Inverted Triangle), All in Q/Q ar, %. Source: Bea, Philadelphia Fed, NY Fed, Atlanta Fed, Goldman Sachs, and Author's Calculations.
The Adjusted Gdpnow Growth (Q/Q AR) is +0.55%, still essentially just above zero.