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GDPNow Reverses Yesterday’s Modest Uptick

US DATA
  • The Atlanta Fed GDPNow tracker for Q4 reversed yesterday’s minor increase, now seen back at 1.2% for the joint lowest seen in the Q4 vintage.
  • It follows the sharp 5.2% increase seen in Q3, which followed an average 2.2% annualized in 1H23.
  • Personal consumption is seen adding 1.3pps on the quarter after 2.4pps in Q3, whilst the change in private inventories is seen as the main drag in Q4, with -0.66pps for a large swing from +1.4pps in Q3.

Source: Atlanta Fed

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