The GDPNow and Nowcast reports are near convergence with surprisingly little volatility and spread vs past history.
GDPNow vs Nowcast
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Last quarter we saw gaps of 2 percentage points between GDPNow and Nowcast. The spread is now 0.1 percentage point.
One potential problem with both reports is lack of economic data. Thanks to the government shutdown, workers did not produce dozens of reports. Today, the New Home Sales report was skipped for the second month.
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