Scraping the bottom of the growth estimates for the quarter
The most recent estimate of GDP growth for the 3Q from the Atlanta Fed estimates growth at 2.2%, unchanged from Friday's estimate.
In their own words:
The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2017 is 2.2 percent on September 19, unchanged from September 15. The forecast of third-quarter real residential investment growth is -2.6 percent, virtually unchanged from last Friday, after this morning's new residential construction release from the U.S. Census Bureau. The forecast of the contribution of net exports to third-quarter real GDP growth declined from -0.11 percentage points to -0.16 percentage points after this morning's Import/Export Price Indexes release from the U.S. Bureau of Labor Statistics.
The high estimate for the quarter was at 4% at the start of their estimates. It has been stepping down since then and is at the low estimate currently.
The next estimate will be not be until Wednesday, September 27th. The NY Fed will release their most recent estimate on Friday, September 22nd. Their last estimate had GDP even lower for the 3Q at 1.3%. The hurricanes are likely to keep the growth subdued in the 3Q, but there should be a bounce back from the rebuild going forward.
