Atlanta Fed GDPNow Q1 growth estimate 2.9% versus 2.8% yesterday

The Atlanta Fed GDPNow growth estimate for Q1 rose to 2.9% from 2.8% yesterday (their most recent report). In their own words:

The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2024 is 2.9 percent on April 16, up from 2.8 percent on April 15. After this morning’s housing starts report from the US Census Bureau and industrial production report from the Federal Reserve Board of Governors, the nowcasts of first-quarter real personal consumption expenditures growth and first-quarter real gross private domestic investment growth increased from 3.4 percent and 3.4 percent, respectively, to 3.5 percent and 3.7 percent.

The next Atlanta Fed GDPNow update will be on April 24 which will be the last estimate before the Advanced release of Q1 GDP in the US.

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