Momentum In “Core” GDP
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According to GDPNow of 4/8. However, GDP and final sales are both on a lower trajectory.
Figure 1: GDP (bold black), GDPNow est of 4/8 (gray square), final sales (blue), final sales nowcast of 4/8 (light blue triangle), final sales to private domestic purchasers (dark red), final sales to private domestic purchasers nowcast of 4/8 (red circle), all in bn.Ch.2017$ SAAR. Source: BEA, Atlanta Fed.
Note that even with the nowcasted rebound, aggregate demand for domestic product– as proxied by final sales — is only back to 2024Q4 levels.
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