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Friday, November 24, 2023

Q4 GDP Tracking: Around 2%

by Calculated Risk on 11/24/2023 10:40:00 AM

From BofA:

Overall, this reduced our 4Q US GDP tracking estimate down a tenth to 1.4% q/q saar from our official forecast of 1.5% q/q saar. Also, 3Q GDP remains unchanged from our last weekly publication at 5.2% q/q saar. [Nov 22nd estimate]
emphasis added
From Goldman:
The inventory details of the durable goods report were firmer than our previous assumptions, and we boosted our Q4 GDP tracking estimate by one tenth to +2.0% (qoq ar). Our Q4 domestic final sales estimate also stands at +2.0%. [Nov 22nd estimate]
And from the Altanta Fed: GDPNow
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the fourth quarter of 2023 is 2.1 percent on November 22, up from 2.0 percent on November 17. After recent releases from the US Census Bureau and the National Association of Realtors, the nowcast of fourth-quarter real gross private domestic investment growth increased from -1.8 percent to -1.1 percent. [Nov 22nd estimate]