The Atlanta Fed’s GDPNow growth estimate for the first quarter rises to 2.8% from 2.4% after stronger-than-expected retail sales. In their own words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2024 is 2.8% on April 15, up from 2.4% on April 10. , the U.S. Bureau of Labor Statistics and the U.S. Census Bureau raise nowcasts for first-quarter real personal consumption expenditure growth and first-quarter real gross private domestic investment growth to 2.9 percent and 2.9 percent, respectively, to 3.4 percent and 3.4 percent, were slightly offset by a decrease in the nowcast of real government spending growth in the first quarter of 2.6 percent. percent to 2.3 percent, while the nowcast of the contribution of the change in real net exports to real GDP growth in the first quarter increased from -0.24 percentage points to -0.15 percentage points .
The next estimate will be published on April 16
This article was written by Greg Michalowski at www.forexlive.com.
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