It's still early but Pres. Trump likes the Atlanta Fed forecast
Both the Atlanta Fed and the NY Fed are out with their estimates for Q1 GDP growth. The New York Fed estimate this week comes in at 1.67%. That is up from 1.55% last week. The Atlanta Fed fell to 2.7% from 2.9% (from Wednesday's reading)
For the NY Fed, positive surprises from higher-than-expected exports and imports data were only partially offset by negative surprises from the ISM manufacturing survey.
In the Atlanta Fed's own words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2020 is 2.7 percent on February 7, down from 2.9 percent on February 5. After this morning's release of the employment report by the U.S. Bureau of Labor Statistics and the wholesale trade report from the U.S. Census Bureau, the nowcasts of first-quarter real personal consumption expenditures growth and first-quarter real gross private domestic investment growth decreased from 3.0 percent and 5.9 percent, respectively, to 2.9 percent and 5.0 percent, respectively.
They will next release next Friday when the NY Fed will also release their next estimate.
