The Atlanta Fed GDPNow estimate for 3Q growth rises to 2.7% from 2.3% after the US morning economic data . The estimate is now at the high watermark for the series (above the 2.6 from September 1. It was just a few weeks ago (September 21) that the index was down at the low at +0.2%.
For this report, in their own words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2022 is 2.7 percent on October 5, up from 2.3 percent on October 3. After recent releases from the US Census Bureau, the US Bureau of Economic Analysis, and the Institute for Supply Management, the nowcasts of third-quarter real personal consumption expenditures growth and third-quarter real gross private domestic investment growth increased from 0.7 percent and -4.1 percent, respectively, to 1.1 percent and -3.6 percent, respectively, while the nowcast of the contribution of net exports to third-quarter real GDP growth increased from 2.21 percentage points to 2.24 percentage points.
The next estimate will be on Friday, October 7
