GDPNow to 3.6% from 3.7%
The Atlanta Fed's GDP tracker is now the only game in town after the New York Fed called it quits because it didn't like the numbers its model was spitting out.
The new number from Atlanta is 3.6%, which is a sliver below 3.7% on Sept 10.
After this week's releases from the U.S. Bureau of Labor Statistics, the U.S. Department of the Treasury's Bureau of the Fiscal Service, the U.S. Census Bureau, and the Federal Reserve Board of Governors, a decrease in the nowcast of third-quarter real gross private domestic investment growth from 19.2 percent to 18.9 percent was partially offset by an increase in the nowcast of third-quarter real personal consumption expenditures growth from 2.1 percent to 2.2 percent, while the nowcast of the contribution of the change in real net exports to third-quarter real GDP growth increased from -1.41 percentage points to -1.37 percentage points.
We've seen some banks cut GDP forecasts to around this range but the consensus is still at 5%.
