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MNI BRIEF: Atlanta Fed Model Revises US Q1 GDP Outlook Lower

MNI (Washington)
WASHINGTON (MNI)

The Atlanta Fed has revised down it's Q1 GDP forecast to an annualized 5.4% from the 5.7% forecast last week, according to the Fed bank's latest weekly real-time GDPNow model.

The downward revision was mostly driven by disappointing economic data this week from the National Association of Realtors which saw existing home sales down 6.6%, and by the Census Bureau, which reported orders of U.S. durable goods fell 1.1% in February, the first m/m decline since April.

The nowcast of Q1 real gross private investment growth fell to 8.8% from 10.6% forecast last week. The GDPNow model is not an official forecast of the Atlanta Fed and is best viewed as a real-time estimate of real GDP growth based on available economic data.

MNI Washington Bureau | +1 202-371-2121 | brooke.migdon@marketnews.com

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