The initial Atlanta Fed GDPNow estimate for 1Q comes in at 2.3%

Did not do so well guesstimating 4Q GDP

The Atlanta Fed GDPNow estimate for 1Q comes in at 2.3%. This is the first estimate for the quarter.

In the 4th quarter the GDP model did not do so well. They estimated that GDP in the 4Q would come in at 2.9%. It was reported at 1.9% on Friday. Economists had estimated 2.2%.

For this number the Atlanta Fed commented:

The initial GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2017 is 2.3 percent on January 30. The advance estimate of fourth-quarter real GDP growth released by the U.S. Bureau of Economic Analysis on January 27 was 1.9 percent, 1.0 percentage point below the final GDPNow model nowcast released on the previous day.

The next GDPNow update is Wednesday, February 1