After today's international trade numbers in the US and yesterday's Auto sales, ISM, M3 , and manufacturing data, the GDPNow estimate for 3Q growth in the US was revised marginally higher to 1.4% from 1.3% on August 1.
The data from yesterday ticked the rate to 1.7% but the international trade data today, lowered the gain to 1.4%. Below are the details of the models changes.
IN their own words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2022 is1.4 percenton August 4, up from 1.3 percent on August 1. After the August 1 GDPNow update and recent releases from the Institute for Supply Management, US Census Bureau, and the US Bureau of Economic Analysis, the nowcast of third-quarter real personal consumption expenditures growth increased from 1.5 percent to 1.8 percent, while the nowcast of the contribution of the change in real net exports to third-quarter real GDP growth decreased from 0.42 percentage points to 0.35 percentage points.