Not a pretty picture
The latest update from the Atlanta Fed shows Q3 GDP at 1.3% annualized, that's unchanged from Thursday.
The first print on Q3 is coming up at the end of the month and a number so low would do damage to markets and the recovery narrative. The consensus is still at 5%.
From the release:
After this morning's releases of the employment situation report by the US Bureau of Labor Statistics and the wholesale trade report from the US Census Bureau, an increase in the nowcast of third-quarter real gross private domestic investment growth from 10.5 percent to 10.7 percent was offset by a decrease in the nowcast of third-quarter real personal consumption expenditures growth from 1.1 percent to 1.0 percent.
