The Federal Reserve Bank of New York “Nowcast” for 4th quarter GDP rose to 2.7%, up from 2.5% last week.
Meanwhile the Atlanta Fed “GDPNow” forecast declined from 3.6% on November 23 to 2.9% yesterday.
The numbers head towards convergence as expected in this corner.
4th Quarter Nowcast Highlights – December 2 2016
- The FRBNY Staff Nowcast stands at 2.7% for 2016:Q4.
- News from this week’s data releases provided mixed signals, but overall had a positive impact on the nowcast.
- Real gross domestic income and labor market data had the largest positive contributions to the nowcast, only slightly offset by negative news from personal consumption expenditures.
GDPNow forecast: 2.9 percent — December 1, 2016
Heading Toward Convergence
Mike “Mish” Shedlock