No change from previous tracking estimate
The Atlanta Fed updated its GDPNow tracking estimate but still sees 0.9% growth in Q3.
"The model's nowcasts of real consumer spending and real government spending in the third quarter fell slightly following last Thursday's Monthly Treasury Statement and Consumer Price Index release (from the U.S. Bureau of Labor Statistics). This was mostly offset by an increase in the nowcast of motor vehicle and parts dealer inventories after Friday's industrial production release from the Federal Reserve Board," the release says.
The advance report is due on October 29. The current consensus is for 1.7% growth after a 3.9% annualized reading in Q2. That would put growth right around a 2% pace.
