The Atlanta Fed GDPNow estimate for Q3 growth has been cut to 2.3 percent from 2.4% after the data released earlier today. The estimate has been all over the place with a high of 2.7% back in the beginning of September and a low of around 0.3% as late as September 27. The revisions to the final GDP in the second quarter contributed to the big jump in the models estimate for the third quarter last week.
In their own words for the current estimate:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2022 is2.3 percenton October 3, down from 2.4 percent on September 30. After this morning’s construction spending release from the US Census Bureau and the Manufacturing ISM Report On Business from the Institute for Supply Management, a decrease in the nowcast of third-quarter real personal consumption expenditures growth from 1.0 percent to 0.7 percent was slightly offset by an increase in third-quarter real gross private domestic investment growth from -4.2 percent to -4.1 percent.
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