The Atlanta Fed GDPNow model for GDP is out with its initial estimate for Q3 growth. It sees growth at 2.1%.
In their own words:
„The initial GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2022 is 2.1 percent on July 29. The initial estimate of second-quarter real GDP growth released by the US Bureau of Economic Analysis on July 28 was -0.9 percent, 0.3 percentage points above the final GDPNow model nowcast released on July 27.”
The next estimate will come on Monday, August 1.
Recall that the Atlanta Fed model for the 2nd quarter came in at -1.2% in its final estimate for Q2 growth when other economists were looking for a gain in GDP. The actual GDP came in at -0.9% yesterday. Good job Atlanta Fed.