The Atlanta Fed GDPNow estimate for Q3 growth fell to 1.8% from 2.5%. IN their own words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2022 is 1.8 percent on August 16, down from 2.5 percent on August 10. After recent releases from the US Department of the Treasury's Bureau of the Fiscal Service, the US Bureau of Labor Statistics, the US Census Bureau, and the Federal Reserve Board of Governors, a decrease in the nowcast of third-quarter real gross private domestic investment growth from 0.2 percent to -3.6 percent was slightly offset by an increase in the nowcast of third-quarter real government spending growth from 1.7 percent to 2.0 percent.
Below are the model changes over time.
The decline saw residential investment move sharply lower.
