GDP estimate for 3Q from the Atlanta Fed
The Atlanta Fed has cut their GDP tracker for the 3rd quarter to 1.5% from 1.7% (released yesterday). The estimate was as high as 2.3%. This is the low estimate for their model.
In their own words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2019 is 1.5 percent on September 4, down from 1.7 percent on September 3. After this morning's international trade report from the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, the nowcast of third-quarter real personal consumption expenditures growth and third-quarter real nonresidential equipment investment growth decreased from 3.0 percent and -1.7 percent, respectively, to 2.8 percent and -2.4 percent, respectively. The nowcast of the contribution of net exports to third-quarter real GDP growth decreased from -0.26 percentage points to -0.33 percentage points.
The next estimate will be on Wednesday, September 11.
