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GDP Growth Now Tracking A Sizeable Bounce in Q3

US
  • Despite tepid real consumer spending in today's PCE report, the Atlanta Fed GDPNow has been revised up notably from 0.27% to 2.43% for Q3.
  • Instead, the relative boost came from net exports and a net inventory drag revised away.
  • If accurate it would see a solid bounce from 1H22 that most recently has been shown to be a technical recession when looking at both GDP and an average of GDP and GDI after notable downward revisions to GDI (more here).
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  • Despite tepid real consumer spending in today's PCE report, the Atlanta Fed GDPNow has been revised up notably from 0.27% to 2.43% for Q3.
  • Instead, the relative boost came from net exports and a net inventory drag revised away.
  • If accurate it would see a solid bounce from 1H22 that most recently has been shown to be a technical recession when looking at both GDP and an average of GDP and GDI after notable downward revisions to GDI (more here).