The Atlanta Fed GDPNow estimate for the Q3 came in at 4.9% unchanged from the September 14 estimate. In their own words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2023 is 4.9 percent on September 19, unchanged from September 14 after rounding. After recent releases from the US Census Bureau and the US Bureau of Labor Statistics, the nowcast of third-quarter real residential investment growth decreased from 6.8 percent to 6.3 percent, while the nowcast of the contribution of inventory investment to third-quarter real GDP growth decreased from 1.20 percentage points to 1.05 percentage points.
The next update will be released on September 27.
Tomorrow, the Federal Reserve will announce its central tendencies for GDP. In June they estimated that end-of-year GDP would be move lower to an annualized rate of 1.0%. An S&P Global Market Intelligence report predicts a 1.8% growth by the fourth quarter. That may be revised higher tomorrow.
This article was written by Greg Michalowski at www.forexlive.com. Source