The Atlanta Fed GDPNow growth estimate for the fourth quarter fell to 2.3% from 2.7% in the initial release yesterday. Of note is that the third quarter estimate from the Atlanta Fed's model was spot on at 2.8%.
In their own words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the fourth quarter of 2024 is 2.3 percent on November 1, down from 2.7 percent on October 31. After this morning’s construction spending release from the US Census Bureau, the employment report from the Bureau of Labor Statistics, and the Manufacturing ISM Report On Business from the Institute for Supply Management, the nowcasts of fourth-quarter real personal consumption expenditures growth and fourth-quarter real gross private domestic investment growth decreased from 2.9 percent and 1.1 percent, respectively, to 2.6 percent and 0.4 percent.
The next GDPNow update is Tuesday, November 5. Please see the "Release Dates" tab below for a list of upcoming releases.
