Atlanta Fed GDPNow growth forecast cut to 1.1% from 1.5%
The Atlanta Fed GDPNow growth forecast has been cut to 1.1% from 1.5% (reported just yesterday). The details have not been posted on their website yet (will add when I see it).
In their own words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the fourth quarter of 2019 is 1.1 percent on November 1, down from 1.5 percent on October 31. After this morning's release of the employment report by the U.S. Bureau of Labor Statistics, the 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 fourth-quarter real personal consumption expenditures growth and fourth-quarter real gross private domestic investment growth decreased from 2.3 percent and -0.7 percent, respectively, to 2.2 percent and -2.5 percent, respectively.
The NY Fed Nowcast model will be released later this morning. They have been publishing their estimate for a few weeks now. Last week, they guestimated a modest 0.9% gain.
