The latest Atlanta Fed GDP forecast for the 3Q 2021
The Atlanta Fed GDPNow estimate for the 3Q growth was moved higher to 5.3% from 5.1% on August 27th. The construction spending and ISM manufacturing data kicked the index up a notch or two.
In their own words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2021 is 5.3percent on September 1, up from 5.1 percent on August 27. After this morning's Manufacturing ISM Report On Business from the Institute for Supply Management and the construction spending report from the U.S. Census Bureau, an increase in the nowcast of third-quarter real personal consumption expenditures growth from 2.2 percent to 2.6 percent was partially offset by a decrease in the nowcast of third-quarter real gross private domestic investment growth from 23.6 percent to 23.4 percent.
The high for their model reached 6.3% back on August 2 and August 3. The low was on August 27 at 5.1%.
The New York Fed Nowcast model for 3Q - which is released once a week on Friday - rose to 3.8% on Friday from 3.5% the week before.
