Atlanta Fed lowers tracking estimate
There's been a burst of GDP estimate revisions following the PCE data and yesterday's Q2 GDP revisions.
The Atlanta Fed has cut its tracker by a half-point to 4.1%.
"The nowcast of the contribution of net exports to third-quarter real GDP growth declined from -0.26 percentage points to -0.64 percentage points and the nowcast of third-quarter real gross private domestic investment growth declined from 16.1 percent to 15.5 percent," they said.
Separately, Barclay's raised its tracker to 2.9% from 2.8% Goldman Sachs raised it to 3.0% from 2.9% but just yesterday they cut it from 3.0% to 2.9%.
Here's Capital Economics with an upbeat note as well: "Today's personal income/spending data "suggest that much of the strength of consumption growth in the second quarter has carried over into the third. .. we expect that overall GDP will expand at a similar rate too."
