ISM non manufacturing gives a boost
The better than expected ISM non-manufacturing data today led to an upward shift in the Atlanta Fed GDP tracker for the 4th quarter from 1.9% to 2.3%. Other estimates from banks include:
- Bank of Toyko Mitsubishi at 2.9%
- Goldman Sachs at 2.5%
- Morgan Stanley at 2.1%
- JP Morgan at 2.5%
This is better than the 1.4% for 3Q released last week, but not quite 3% which might be expected given all the stimulus. Also, understand it is early in the quarter. There is a long way to go including the all important holiday selling season.
