Latest GDPNow Real Gross Domestic Product Forecast for Q3:2016

The Federal Reserve Bank of Atlanta released its latest GDPNow forecast for the growth rate of real gross domestic product (GDP) for the third quarter of 2016.

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Latest Forecast for Q3, 2016: +2.2%

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Previous Reading (September 30, 2016): +2.4%

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GDPNow: October 3, 2016

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From Today's Report:

"...The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2016 is 2.2% on October 3, down from 2.4% on September 30. After this morning's construction spending report from the U.S. Census Bureau, the forecast of third-quarter real nonresidential structures investment growth fell from 8.4% to 4.7% and the forecast of third-quarter real government spending growth declined from 0.8% to 0.1%..."

About The GDPNow Forecast Model:

"...The growth rate of real gross domestic product (GDP) measured by the U.S. Bureau of Economic Analysis (BEA) is a key metric of the pace of economic activity. It is one of the four variables included in the economic projections of Federal Reserve Board members and Bank presidents for every other Federal Open Market Committee (FOMC) meeting. As with many economic statistics, GDP estimates are released with a lag whose timing can be important for policymakers. For example, of the four scheduled 2014 release dates of an 'advance' (or first) estimate of GDP growth, two are on the second day of a scheduled FOMC meeting with the other two on the day after the meeting. In preparation for FOMC meetings, policymaker have the Fed Board staff projection of this 'advance' estimate at their disposal...

...The Atlanta Fed GDPNow model also mimics the methods used by the BEA to estimate real GDP growth. The GDPNow forecast is constructed by aggregating statistical model forecasts of 13 subcomponents that comprise GDP. Other private forecasters use similar approaches to 'nowcast' GDP growth. However, these forecasts are not updated more than once a month or quarter, are not publicly available, or do not have forecasts of the subcomponents of GDP that add 'color' to the top-line number. The Atlanta Fed GDPNow model fills these three voids..."

• Click here to view recent GDPNow forecasts (PDF).
  
  
•  Click here to view the full GDPNow report.

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