The Atlanta Fed GDPNow growth tracker for Q3 is out with its initial estimate. It sees Q3 growth at 2.8%.
In their own words:
The initial GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2024 is 2.8 percent on July 26. The initial estimate of second-quarter real GDP growth released by the US Bureau of Economic Analysis on July 25 was 2.8 percent, 0.2 percentage points above the final GDPNow model nowcast released on July 24.
The next GDPNow update is Thursday, August 1. Please see the “Release Dates” tab below for a list of upcoming releases.
For Q2, the Atlanta forecast growth at 2.6%. The initial advanced estimate for GDP growth was released yesterday at 2.8%. The economists estimate on Reuters had a median at 2.0%. So kudos to the AtlantaFeds model.
Atlanta Fed GDPNow growth estimate for Q3 is at 2.8%