Atlanta Fed GDPNow estimate for 3Q growth 1.4% vs 1.3% last

After today's international trade numbers in the US and yesterday's Auto sales, ISM, M3 , and manufacturing data, the GDPNow estimate for 3Q growth in the US was revised marginally higher to 1.4% from 1.3% on August 1.

The data from yesterday ticked the rate to 1.7% but the international trade data today, lowered the gain to 1.4%. Below are the details of the models changes.

IN their own words:

The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2022 is1.4 percenton August 4, up from 1.3 percent on August 1. After the August 1 GDPNow update and recent releases from the Institute for Supply Management, US Census Bureau, and the US Bureau of Economic Analysis, the nowcast of third-quarter real personal consumption expenditures growth increased from 1.5 percent to 1.8 percent, while the nowcast of the contribution of the change in real net exports to third-quarter real GDP growth decreased from 0.42 percentage points to 0.35 percentage points.

/inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term