Atlanta Fed GDPNow model continues to show minimal growth in Q3

Not a pretty picture

The latest update from the Atlanta Fed shows Q3 GDP at 1.3% annualized, that’s unchanged from Thursday.

The first print on Q3 is coming up at the end of the month and a number so low would do damage to markets and the recovery narrative. The consensus is still at 5%.

After this morning’s releases of the employment situation report by the
US Bureau of Labor Statistics and the wholesale trade report from the US
Census Bureau, an increase in the nowcast of third-quarter real gross
private domestic investment growth from 10.5 percent to 10.7 percent was
offset by a decrease in the nowcast of third-quarter real personal
consumption expenditures growth from 1.1 percent to 1.0 percent.

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