The Atlanta Federal Reserve's GDPNow model has updated its forecast for the United States' economic growth in the fourth quarter of 2024, showing a minor yet notable increase. As of November 7, 2024, the GDPNow estimate has risen to 2.5%, up from the previous estimate of 2.4%.
This slight upward adjustment hints at a marginally stronger year-end performance for the U.S. economy, providing a glimpse of optimism amid highly variable global economic conditions. While the increment is modest, it reflects a consistent, albeit slow, progression in economic activity during the closing months of the year.
The continual tracking and adjustment of the GDPNow model offer valuable insights and predictive data for both policymakers and market participants, suggesting cautious optimism as the fourth quarter unfolds. The updated figure, however, remains a forecast and will be subject to further revisions as new data comes in towards the end of the year.
