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Atlanta Fed GDPNow Surges Further To 5.8% For Q3

US DATA
  • Just a day on from yesterday’s significant upward revision, the Atlanta Fed GDPNow has been revised higher to 5.76% annualized for Q3 from 5.0% yesterday and 4.1% on Aug 8 after today’s housing starts and industrial production data.
  • Real personal consumption expenditure growth was revised up from 4.4% to 4.8% and real gross private domestic investment growth was revised up from 8.8% to 11.4%.
  • If accurate, it would follow the 2.2% averaged through 1H23 and, whilst still technically the strongest since 4Q21, when looking prior to the post-pandemic reopening period it was last stronger in 2003.

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