FRBNY Nowcast 2.7%: Heads Towards Convergence With GDPNow

The Federal Reserve Bank of New York “Nowcast” for 4th quarter GDP rose to 2.7%, up from 2.5% last week.

Meanwhile the Atlanta Fed “GDPNow” forecast declined from 3.6% on November 23 to 2.9% yesterday.

The numbers head towards convergence as expected in this corner.

4th Quarter Nowcast Highlights – December 2 2016

• The FRBNY Staff Nowcast stands at 2.7% for 2016:Q4.
• News from this week’s data releases provided mixed signals, but overall had a positive impact on the nowcast.
• Real gross domestic income and labor market data had the largest positive contributions to the nowcast, only slightly offset by negative news from personal consumption expenditures.

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Nowcast Detail 

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GDPNow forecast: 2.9 percent — December 1, 2016 

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GDPNow down to 2.9% from 3.6% on November 23
Nowcast up to 2.7% from 1.6% on November 9https://t.co/QbSxfjznFH

— Mike Mish Shedlock (@MishGEA) December 2, 2016