GDPNow, published by the Federal Reserve Bank of Atlanta, quantitatively forecasts quarterly gross domestic product growth based solely on relevant economic data. This doesn't represent the Atlanta Fed's official forecast. The data have been increasingly positive, and the model's third-quarter GDP forecast has increased to 5.8% from last month's 3.5%.
Atlanta Fed's GDPNow shows increasingly bullish forecasts
The current estimate would represent a significant acceleration from previous quarters, and significantly above private economists' forecasts. Second-quarter GDP growth was 2.4%, and the consensus private economist consensus estimate calls for 1.5% growth in the third quarter. Estimates range from -2.4% to 3.7%. However, economists surveyed by Bloomberg in July estimated only a 0.5% increase.