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.