Despite Good ISM Service Numbers the GDPNow Forecast Did Not Change Much – Mish Talk

Please consider the latest GDPNow Forecast update.

The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2022 is 1.4 percent on August 4, up from 1.3 percent on August 1. After the August 1 GDPNow update and recent releases from the Institute for Supply Management, US Census Bureau, and the US Bureau of Economic Analysis, the nowcast of third-quarter real personal consumption expenditures growth increased from 1.5 percent to 1.8 percent, while the nowcast of the contribution of the change in real net exports to third-quarter real GDP growth decreased from 0.42 percentage points to 0.35 percentage points.

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