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Atlanta Fed GDPNow Slows On Larger Housing Hit

US DATA
  • The Atlanta Fed GDPNow has been revised to its lowest value for Q3 yet, dipping from the 1.62% annualised after retail sales on Aug 17 to 1.38% after significant slides in existing and new home sales plus today's mixed durable goods (total orders flat, reasonable rise for core shipments).
  • The difference unsurprisingly comes from residential investment, seen dragging -1.2pps from real GDP growth in what would be the second consecutive quarterly drag from the sector.
  • It leaves GDP tracking a small bounce in Q3 after -1.6% and -0.9% in Q1 and Q2 respectively, in line with current Bloomberg consensus of 1.5%.
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