Atlanta Fed GDPNow model growth estimate down to 2.9% from 3.4% last

The Atlanta Fed GDPNow estimate for first-quarter growth dipped to 2.9% from 3.4%

In their own words:

The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2024 is 2.9 percent on February 15, down from 3.4 percent on February 8. After recent releases from the US Department of the Treasury’s Bureau of the Fiscal Service, the US Bureau of Labor Statistics, the US Census Bureau, and the Federal Reserve Board of Governors, the nowcasts of first-quarter real personal consumption expenditures growth and first-quarter real gross private domestic investment growth decreased from 3.2 percent and 3.3 percent, respectively, to 2.7 percent and 2.4 percent, while the nowcast of the contribution of the change in real net exports to first-quarter real GDP growth decreased from 0.22 percentage points to 0.19 percentage points.

The next GDPNow update is Friday, February 16.

This article was written by Greg Michalowski at Source