The Fed GDPNow estimate for 4Q growth has been reduced to 2.6% from 3.1%. IN their own words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the fourth quarter of 2022 is 2.6 percent on November 1, down from 3.1 percent on October 28. 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 fourth-quarter real personal consumption expenditures growth from 3.7 percent to 2.9 percent was slightly offset by an increase in fourth-quarter real gross private domestic investment growth from -1.6 percent to -1.3 percent.
The Atlanta Fed just started its estimates for growth as the 3Q GDP was just released last week. The estimates can be quite volatile as the data starts to be cumulated for the new quarter in their model. Where growth starts out, may not be near where it ends. The last estimate will be made just prior to the release of the Q4 growth toward the end of January 2023.
The next estimate will be on Thursday November 3rd.
