The Federal Reserve Bank of Atlanta has revised its projection for U.S. economic expansion in the first quarter, following the dissemination of recent economic indicators. The GDPNow model's forecast for real GDP growth during this period has been elevated from 2.9 percent on January 31 to 3.9 percent.
This adjustment comes in light of new data from the Institute for Supply Management and the U.S. Census Bureau, prompting an increase in the nowcasts for first-quarter real personal consumption expenditures growth and real gross private domestic investment growth. These figures have been adjusted upward from 3.0 percent and 4.8 percent to 4.1 percent and 6.5 percent, respectively, according to the Atlanta Fed.
The subsequent update for the GDPNow forecast is set to be released on February 5.
