Economic Growth Surges Despite Predictions of Slowdown
The Atlanta Fed's GDPNow model forecasts a 5.4 percent growth rate for the third quarter of 2023, while the Bloomberg Econoday consensus predicts a 4.1 percent growth rate. The GDPNow estimate remained unchanged on October 18, but the nowcast for real residential investment growth decreased after the US Census Bureau's housing starts report. Additionally, the Philadelphia Fed will update its GDPplus measure, which has been signaling a potential recession, on Thursday.