The Atlanta Fed GDPNow progress estimate for Q3 quarter rose modestly to 2.1% from 2.0% prior.
In their very own phrases:
The GDPNow mannequin estimate for actual GDP progress (seasonally adjusted annual fee) within the third quarter of 2024 is 2.1 p.c on September 4, up from 2.0 p.c on September 3. After this morning’s releases from the US Census Bureau, a rise within the nowcast of third-quarter actual gross personal home funding progress from -0.6 p.c to 0.0 p.c was barely offset by a lower within the nowcast of third-quarter actual private consumption expenditures progress from 3.3 p.c to three.2 p.c.
The subsequent GDPNow replace is Monday, September 9.
The markets have turn into more and more involved a couple of progress scare within the US and globally. Though 2.1% is lower than the three.0% from Q2, it’s nonetheless not close to a recessionary degree. The US jobs report might be launched on Friday.
Later right this moment the Fed’s so-called Beige Ebook might be launched at 2 PM ET. The Beige Ebook outlines the financial tendencies from a district by district foundation and summarizes the general financial well being of the US financial system. It helps to present Fed officers a abstract of the financial system heading into the subsequent FOMC fee Assembly will happen on September 17 and 18th (choice at 2 PM on September 18). That spell indicated at Jackson Gap that the time has come to take out among the restrictive financial coverage is inflation was underneath management and anxious about employment began to floor. Within the JOLT job knowledge right this moment, the emptiness fee declined to a degree simply above the place Fed’s Waller mentioned can be indicative of extra slack labor circumstances.
