Ticks up but still just above the 0.0% level.
The most recent Atlanta GDPNow tracker for the 4Q rose to 0.4% from 0.3%. When you consider, US GDP is QoQ annualized, the Atlanta tracker is just above the 0.0% level for the 4Q. (0.4% implies the QoQ gain is a scant 0.1%). Where's the growth.
Admittedly, the data may be impacted by the GM strike and it is early, but traders, economist, analysts will be eyeing the data post the strike for clues of a rebound.
For the current report, the Atlanta Fed says:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the fourth quarter of 2019 is 0.4 percent on November 19, up from 0.3 percent on November 15. After this morning's new residential construction report from the U.S. Census Bureau, the nowcast of fourth-quarter real residential investment growth increased from -2.3 percent to 0.5 percent.
The next estimate will be released on Wednesday, November 27.
PS. The GDP estimate is now equal to the New York Fed's estimate from last Friday. They will update their estimate as usual this coming Friday.
