Atlanta Fed GDPNow down to 4.4% from 4.7% on trade and autos

GDP tracker lower on trade data

Yesterday the Atlanta Fed GDPNow tracker for Q3 was lifted to 4.7% from 4.0%. Today it's back down to 4.4%.

"After this morning's international trade release from the U.S. Census Bureau and the U.S. Bureau of Economic Analysis (BEA), the nowcast of the contribution of net exports to third-quarter real GDP growth declined from -0.70 percentage points to -0.76 percentage points. After this morning's light vehicle sales release from the BEA, the nowcasts of third-quarter real personal consumption expenditures growth and third-quarter real gross private domestic investment growth declined from 3.6 percent and 16.9 percent, respectively, to 3.3 percent and 16.4 percent, respectively," the report says.

It's still a long time until we get Q3 GDP data.