The Atlanta Federal Reserve's GDPNow model has revised its economic growth estimate for the United States in the third quarter, raising it to 2.5%. This update, announced on August 30, 2024, marks a notable shift from the previous forecast of 2.0% set earlier in the same quarter.
Economic observers view this increase as a positive sign of resilience in the US economy amidst global uncertainties. The GDPNow model, which uses a wide range of macroeconomic data to predict GDP growth, has garnered attention for its relatively accurate near-term forecasts.
The latest adjustment in the GDPNow estimate reflects improved economic activity and consumer spending, fueling optimism among investors and policymakers alike. As the third quarter progresses, it will be critical to monitor whether these growth expectations align with actual economic performance.
