The Atlanta Fed GDPNow model is now pointing toward growth of a 5.0% for 3Q. That is up from 4.1% from it’s 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 5.0 percent on August 15, up from 4.1 percent on August 8. After recent releases from the US Census Bureau, the US Bureau of Labor Statistics, and the US Department of the Treasury’s Bureau of the Fiscal Service, increases in the nowcasts of third-quarter real personal consumption expenditures growth and third-quarter real gross private domestic investment growth from 3.2 percent and 8.1 percent, respectively, to 4.4 percent and 8.8 percent were slightly offset by a decrease in the nowcast of third-quarter real government spending growth from 2.7 percent to 2.5 percent.
The next estimate will be released on Wednesday August 16 (tomorrow).
This article was written by Greg Michalowski at www.forexlive.com. Source