The Atlanta Fed’s GDPNow growth estimate for the first quarter increased from 2.8% yesterday to 2.9% (their most recent report). 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% on April 16, up from 2.8% on April 15. After this morning’s housing starts report from the US Census Bureau and the industrial production report. According to the Board of Governors of the Federal Reserve, nowcasts for real growth in personal consumption expenditures in the first quarter and real growth in gross private domestic investment in the first quarter increased from 3.4 percent and 3.4 percent, respectively, to 3.5 percent and 3.7 percent.
The next GDPNow update from the Atlanta Fed will be on April 24, which will be the last estimate before the advanced release of first quarter GDP in the United States.
This article was written by Greg Michalowski at www.forexlive.com.
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