The Atlanta Fed and NY Fed see 4Q GDP at 1% or below
Atlanta Fed GDPnow remains unchanged at 1%. The New York Fed Nowcast forecasts 0.7% GDP
The Atlanta Fed in the New York Fed are out with their latest estimates for 4Q GDP growth in the US.
The Atlanta Fed sees growth remaining at 1%. That is unchanged from the reading on Tuesday.
In their own words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the fourth quarter of 2019 is 1.0 percent on November 8, unchanged from November 5 after rounding. Following this morning's wholesale trade report from the U.S. Census Bureau, the nowcast of the contribution of inventory investment to fourth-quarter real GDP growth increased from -0.59 percentage points to -0.53 percentage points
The next report will be released on November 15.
For the New York Fed, their weekly estimate moved down -0.1% in the current week from 0.8% to 0.7%.
The largest negative contributor was from imports of goods and services and exports of goods and services. The largest contributor to growth this week came from the ISM nonmanufacturing composite index. Below are the trends and data from this week's report.