It is early in the GDP model projections

The Atlanta Fed GDPNow estimate for Q1 growth comes in at 2.9% versus 2.7% in the prior report released at the end of last week. The Q4 estimate from the Atlanta Fed was for 1.7%. The actual GDP advanced number came in at 2.1%. That was closer than the New York Fed which estimated growth at 1.16% for Q4. Of course there will be 3 or so other revisions to Q4 GDP before the final number is determined

It is early in this model projections, but for what it's worth, the NY Fed Nowcast for Q1 came in at 1.55% on Friday.

For today's report, in the Atlanta Fed's own words:

The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2020 is 2.9 percent on February 3, up from 2.7 percent on January 31. After this morning's Manufacturing ISM Report On Business from the Institute for Supply Management and the construction spending report from the U.S. Census Bureau, the nowcasts of first-quarter real personal consumption expenditures growth and first-quarter real gross private domestic investment growth increased from 2.7 percent and 5.7 percent, respectively, to 3.0 percent and 5.8 percent, respectively.

The next estimate will be on Wednesday, February 5.

It is early in the GDP model projections