Atlanta Fed GDPNow growth estimate for Q1 remains unchanged at 2.5%

The Atlanta Fed GDPNow growth estimate for Q1 remains unchanged at 2.5% after today’s data dump. In their own words:

The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2024 is 2.5 percent on March 7, unchanged from March 6. After this morning’s international trade report from the US Census Bureau and the US Bureau of Economic Analysis, an increase in the nowcast of first-quarter real personal consumption expenditures growth from 2.6 percent to 2.9 percent was slightly offset by a decrease in the nowcast of first-quarter real gross private domestic investment growth from 1.8 percent to 1.7 percent, while the nowcast of the contribution of net exports to first-quarter real GDP growth decreased from 0.04 percentage points to -0.15 percentage points.

The next GDPNow update is Thursday, March 14.