Pushes above the 1% level
The NY Fed Nowcast estimate for fourth-quarter GDP growth has risen to 1.3% from 0.7% last week. Their forecast runs counter to the Atlanta Fed which is currently up at 2.3%. The Atlanta Fed is scheduled to revise their estimate today.
Contributors this week included:
- industrial production, added 0.24%
- capacity utilization, added 0.21%
- housing starts, added 0.10%
- building permits, added 0.08%
Overall there was only one negative contributor. That came from data revisions which attracted -0.02%.
Below is the summary of the models changes and graphical view of the models forecasts since early September.