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Atlanta Fed Tracking 5% GDP Growth For Q3 On Consumption Strength

US DATA
  • The Atlanta Fed GDPNow has been revised yet higher to 5.0% for Q3 from 4.1% in the previous iteration from Aug 8 of the still early days for Q3 vintage.
  • Drivers: real personal consumption revised from 3.2% to 4.4% and real private domestic investment revised from 8.1% to 8.8%. Slightly offset by real government spending from 2.7% to 2.5%.
  • It follows the 2.2% averaged through 1H23 and if accurate would mark the strongest quarter since 4Q21.

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