GDPNow up from 2.5% on 10/1 to three.2% on 10/8 (q/q AR), on the premise of auto gross sales and employment state of affairs releases.
Supply: Atlanta Fed, accessed 10/8/2024.
That is what different nowcasts/monitoring estimates are indicating.
Determine 4: GDP (daring black), Abstract of Financial Projections median iterated off of third launch (inverted mild inexperienced triangle), GDPNow as of 10/8 (mild blue open sq.), NY Fed nowcast as of 9/20 (crimson triangles), St Louis Fed information nowcast as of 10/4 (pink x), Goldman Sachs monitoring as of 10/8 (orange +), FT-Sales space as of 9/14 iterated off of third launch (blue sq.), all in bn.Ch.2017$ SAAR. Ranges calculated by iterating progress price on ranges of GDP, apart from Survey of Skilled Forecasters. Supply: BEA 2024Q2 third launch/annual replace, Atlanta Fed, NY Fed, Philadelphia Fed, Federal Reserve September 2024 SEP and writer’s calculations.
At 22 days to the 2024Q3 advance launch (on October 30), the Atlanta Fed’s GDPNow has been about as correct because the Bloomberg consensus, at the very least in pre-pandemic days. Right here’s DeutscheBank’s 2019 comparability.
Supply: Luzzetti, et al. “Tracking the GDP trackers,” Deutsche Financial institution US Financial Views, 24 July 2019.
The NY Fed nowcast has been considerably revamped, so the MAE numbers proven above are not related.
For what it’s value, Polymetrics locations odds of a unfavourable 2024Q3 advance launch at 2% as of 1:14 CT.
