Atlanta Fed GDPNow estimate for 3Q growth came in at 5.4% up from 5.1% previously

The Atlanta Fed GDPNow estimate for Q3 growth came in at 5.4%. That was higher than the 5.1% at its last estimate:

In their own words:

The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2023 is 5.4 percent on October 17, up from 5.1 percent on October 10. After recent releases from the US Bureau of Labor Statistics, the US Census Bureau, and the Federal Reserve Board of Governors, an increase in the nowcast of third-quarter real personal consumption expenditures growth from 3.7 percent to 4.1 percent was slightly offset by a decrease in the nowcast of third-quarter real gross private domestic investment growth from 6.7 percent to 6.5 percent, while the nowcast of the contribution of the change in real net exports to third-quarter real GDP growth increased from 0.94 percentage points to 0.99 percentage points.

The next estimate will be released tomorrow.

This article was written by Greg Michalowski at Source