Moving higher

In their own words:

The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the fourth quarter of 2017 is 3.4 percent on November 17, up from 3.2 percent on November 15. The forecast of real GDP growth increased 0.3 percentage points to 3.5 percent after yesterday's industrial production release from the Federal Reserve Board of Governors. The forecast of real residential investment growth declined from 4.6 percent to 2.2 percent after this morning's new residential construction report from the U.S. Census Bureau.

The next GDPNow update is Wednesday, November 22.

Interesting in the report today, the gain was on the back of industrial production released yesterday. The stronger-than-expected housing data today actually was a negative according to their model. HMMMM. Housing starts advanced from 1135K to 1290k. Building permits were also higher at 1297K vs 1225K last month.

Later today the New York Fed will release their estimate for fourth-quarter GDP. Last Friday, their estimate was at 3.2%.