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GDPNow Forecast Sinks on ISM and Construction Reports

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Mish

Global Economic Analysis

Published : September 04th, 2019

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	The GDPNow forecast fell to 1.7% on September 3 following weak construction and ISM reports. As of September 3, the GDPNow Forecast is 1.7%. The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2019 is 1.7 percent on September 3, down from 2.0 percent on August 30. After this morning's Manufacturing ISM Report On Business from the Institute for Supply Management, and this morning's construction spending report from the U.S. Census Bureau, the nowcasts of third-quarter real personal consumption expenditures growth and third-quarter real gross private fixed investment growth decreased from 3.2 percent and 0.9 percent, respectively, to 3.0 percent and -0.2 percent, respectively. The forecast fell from from 2.3% on August 26 to 2.0% on August 30, then to 1.7% on September 3. I commented on the ISM numbers in US Manufacturing Recession Begins: ISM Contracts First Time in 3 Years.

Source : moneymaven.io

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Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. He writes a global economics blog which has commentary 5-7 times a week. He also writes for the Daily Reckoning, Whiskey & Gunpowder, and has over 80 magazine and book cover credits. Visit http://www.sitkapacific.com

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