Big jump in the Atlanta Fed GDPNow to 2.6% from 1.2% last. Strong growth projected.

<p>The Atlanta Fed GDPNow model estimate for Q4 growth jumps to 2.6% from 1.2% on December 7. That's a big jump.</p><p>In their own words:</p><blockquote>The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the fourth quarter of 2023 is 2.6 percent on December 14, up from 1.2 percent on December 7. After recent releases from the US Census Bureau, the US Bureau of Labor Statistics, and the US Department of the Treasury's Bureau of the Fiscal Service, the nowcasts of fourth-quarter real personal consumption expenditures growth, fourth-quarter real gross private domestic investment growth, and fourth-quarter real government spending growth increased from 1.9 percent, -3.0 percent, and 3.1 percent, respectively, to 3.0 percent, 0.5 percent, and 3.6 percent, while the nowcast of the contribution of the change in real net exports to fourth-quarter real GDP growth decreased from -0.06 percentage points to -0.12 percentage points.</blockquote><p>The next GDPNow update is Tuesday, December 19. Please see the "Release Dates" tab below for a list of upcoming releases.</p>

This article was written by Greg Michalowski at www.forexlive.com.