Atlanta Fed GDPNow Q1 growth 2.8% after stronger retail sales

The Atlanta Fed GDPNow growth estimate for Q1 rises to 2.8% from 2.4% after stronger-than-expected retail sales. In their own words:

The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2024 is 2.8 percent on April 15, up from 2.4 percent on April 10. After recent releases from the US Department of the Treasury’s Bureau of the Fiscal Service, the US Bureau of Labor Statistics, and the US Census Bureau, increases in nowcasts of first-quarter real personal consumption expenditures growth and first-quarter real gross private domestic investment growth from 2.9 percent and 2.9 percent, respectively, to 3.4 percent and 3.4 percent, were slightly offset by a decrease in the nowcast of first-quarter real government spending growth from 2.6 percent to 2.3 percent, while the nowcast of the contribution of the change in real net exports to first-quarter real GDP growth increased from -0.24 percentage points to -0.15 percentage points.

The next estimate will be released on April 16

This article was written by Greg Michalowski at www.forexlive.com.