Housing starts lead to the decline
The Atlanta Fed GDPNow estimate for 4Q growth fell to 8.2% from 8.7% last (from yesterday). The fall was due to the weaker than expected housing starts. In their own words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the fourth quarter of 2021 is 8.2 percent on November 17, down from 8.7 percent on November 16. After this morning's housing starts report from the US Census Bureau, the nowcast of fourth-quarter real residential investment growth decreased from 3.2 percent to -4.3 percent.
The next estimate from their GDP model will be released on Wednesday, November 24.
