Atlanta Fed: GDPNow estimate for real GDP growth in Q4 rises to 2.8% from 2.6%

"The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the fourth quarter of 2018 is 2.8 percent on December 3, up from 2.6 percent on November 29," the Federal Reserve Bank of Atlanta reported on Monday.

Key quotes

"The nowcasts of fourth-quarter real consumer spending growth and fourth-quarter real private fixed investment growth increased from 3.2 percent and 4.1 percent, respectively, to 3.5 percent and 4.3 percent, respectively, after this morning’s construction spending report from the U.S. Census Bureau and this morning’s Manufacturing ISM Report On Business from the Institute for Supply Management."

"The model’s estimate of the dynamic factor for November—normalized to have mean 0 and standard deviation 1 and used to forecast the yet-to-be released monthly GDP source data—increased from 0.24 to 0.70 after the ISM report this morning."