Atlanta Fed GDPNow growth estimate for Q4 2024 falls to 2.4% versus 2.6% on January 2.
In their own words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the fourth quarter of 2024 is 2.4 percent on January 3, down from 2.6 percent on January 2. After this morning’s Manufacturing ISM Report on Business from the Institute for Supply Management, the nowcasts of fourth-quarter real personal consumption expenditures growth and fourth-quarter real gross private domestic investment growth decreased from 3.2 percent and -0.7 percent, respectively, to 3.0 percent and -0.9 percent.
The next GDPNow update is Tuesday, January 7. Please see the “Release Dates” tab below for a list of upcoming releases.
The model has seen declines since peaking at 3.4% on December 11. However, it still is solid growth for the quarter.The 3rd quarter saw GDP grow by 3.1% on an annualized basis.
This article was written by Greg Michalowski at www.forexlive.com. Source