The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2024 is 2.5 percent on September 9, up from 2.1 percent on September 4. After recent releases from the US Census Bureau, the Institute for Supply Management, the US Bureau of Labor Statistics, and the US Bureau of Economic Analysis, the nowcasts of third-quarter real personal consumption expenditures growth and third-quarter real gross private domestic investment growth increased from 3.2 percent and 0.0 percent, respectively, to 3.5 percent and 1.2 percent, while the nowcast of the contribution of the change in real net exports to third-quarter real GDP growth decreased from -0.37 percentage points to -0.40 percentage points.
The next GDPNow update is Tuesday, September 17. Please see the “Release Dates” tab below for a list of upcoming releases.
Despite the concerns about growth/recession, the GDP forecast range quite good for the third quarter
This article was written by Greg Michalowski at www.forexlive.com.