Atlanta Fed GDPNow estimate for 1Q growth stays unchanged at 0.7%

The Atlanta Fed GDPNow estimate for GDP GDP Gross Domestic Product (GDP) is the monetary value of all the goods and services produced within a country's borders in a specific period of time, typically a year. It is used to measure the economic activity and growth of a country. Periods shorter than a year are often presented in an annualized or year-over-year format.There are three ways to calculate GDP:The expenditure approach: GDP is calculated by adding up all the spending on goods and services within a country. This includes consumer s Gross Domestic Product (GDP) is the monetary value of all the goods and services produced within a country's borders in a specific period of time, typically a year. It is used to measure the economic activity and growth of a country. Periods shorter than a year are often presented in an annualized or year-over-year format.There are three ways to calculate GDP:The expenditure approach: GDP is calculated by adding up all the spending on goods and services within a country. This includes consumer s Read this Term growth for the 1Q came in at 0.7%. That was unchanged from the January 27 reading. Construction spending and manufacturing ISM report contributed to the levels today.

In their own words:

"The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2023 is 0.7 percent, unchanged from January 27 after rounding. After this morning’s construction spending release from the US Census Bureau and the Manufacturing ISM Report On Business from the Institute for Supply Management, the nowcast of the contribution of inventory investment to first-quarter real GDP growth increased from -1.43 percentage points to -1.40 percentage points."

In the 4Q, the final estimate from their model came in at 3.5%. That was higher than the 2.9% reported last week when the first cut of the GDP was released. The average estimate from economists was for a gain of 2.6%