Not a pretty picture
The Atlanta Fed’s latest update shows third-quarter GDP at 1.3% annualized, unchanged from Thursday.
The first impression of the third quarter comes at the end of the month and such a low number would hurt the markets and the recovery narrative. The consensus is still at 5%.
Following the release this morning of the US Bureau of Labor Statistics’s employment situation report and the US Census Bureau’s wholesale trade report, an increase in the nowcast for real growth in gross private domestic investment in the third quarter from 10.5% to 10.7% was offset. by a decrease in the nowcast for real growth in personal consumption expenditure in the third quarter from 1.1% to 1.0%.
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