This somewhat disappointing growth figure, disappointing in the sense that it came in lower than consensus estimates, implies that annual GDP growth for the U.S. in 2017 was about 2.6%, which makes the last year one of the strongest performances since the Gobal Financial Crisis of 2008/2009.

In terms of my "model", the new numbers now suggest the following forecast:

quarterly GDP growth = 0.18 * NY model + 0.7 * Atlanta model

The model of the New York Fed has been less successful in predicting quarterly GDP growth, thus giving it a much smaller weight than the Atlanta mode. The regression coefficient for NY is actually not statistically significant at the 10% level. This however, is more likely the result of insufficient data. Since the model was only introduced in spring 2017, we only have 9 observations of data (nine quarters) for which we can evaluate the models' accuracy.