Atlanta Fed GDPNow Q4 GDP tracker +3.9% vs +3.7%

The Atlanta Fed GDPnow estimate for Q4 growth rose to 3.9% from 3.7% estimate from December 23.

In their own words:

"The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the fourth quarter of 2022 is 3.9 percent on January 3, up from 3.7 percent on December 23. After last week's Advance Economic Indicators report from the US Census Bureau and this morning's construction spending release from the US Census Bureau, the nowcasts of fourth-quarter real gross private domestic investment growth and fourth-quarter real government spending growth increased from 3.8 percent and 0.8 percent, respectively, to 6.1 percent and 1.0 percent, respectively, while the nowcast of the contribution of the change in real net exports to fourth-quarter real GDP growth decreased from 0.35 percentage points to 0.17 percentage points."

Recession? What recession?

The next estimate will be released on January 5.

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