The Atlanta Fed GDP model gets all bullish
The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the fourth quarter of 2016 is on November 4, up from 2.3 percent on November 1. The forecasts for fourth-quarter real consumer spending growth and real equipment investment growth increased from 2.1 percent to 2.6 percent and 2.7 percent to 5.9 percent, respectively, after Wednesday’s motor vehicle sales release from the U.S. Bureau of Economic Analysis. The forecast of the contribution of net exports to fourth-quarter real GDP growth inched up from -0.01 percentage points to 0.05 percentage points after this morning’s international trade report from the U.S. Census Bureau.