Remains on the low side for 1Q
The mmost recent Atlanta Fed GDP now estimate for first-quarter GDP growth comes in at 0.9% versus 1% last.
In their words:
"The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2017 is 0.9 percent on March 31, down from 1.0 percent on March 24. After this morning's personal income and outlays release from the U.S. Bureau of Economic Analysis, the forecast for first-quarter real consumer spending growth fell from 1.4 percent to 0.8 percent. The forecast of the contribution of net exports to first-quarter real GDP growth increased from -0.49 percentage points to -0.16 percentage points after Tuesday's Advance Economic Indicators Report from the U.S. Census Bureau."
The next GDPNow update is Monday, April 3.
Their read on the 1Q GDP is lower than other estimates. The NY Fed will release their most recent estimate later today. Last week they estimated 1Q GDP would be 3% (that is a higher than estimates).
The final US GDP for the 4Q was released yesterday at 2.1%. The first cut of Q1 will not officially be released until April 28th.
