Down from 4.4% at the start of the week
The Atlanta Fed GDPNow forecast for 3Q growth has been trimmed to 3.6% from 3.8% reported just yesterday. At the start of the week, the estimate stood at 4.4%. The data this week (trade from yesterday, and 3Q real personal consumption expenditures) is being blamed for most of the declines. The 2Q GDP was unchanged yesterday at 4.2%.
In their words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2018 is 3.6 percent on September 28, down from 3.8 percent on September 27. The nowcast of third-quarter real personal consumption expenditures growth decreased from 3.7 percent to 3.5 percent after this morning's personal income and outlays release from the U.S. Bureau of Economic Analysis.
The next estimate will be on Monday, October 1.
