The Federal Reserve Bank of Atlanta's GDPNow model estimates third-quarter growth in final sales to private domestic purchasers at a 4.7% quarter-over-quarter annualized rate ahead of the government's GDP report.
In an Oct. 28 Econbrowser post, author Menzie Chinn said Jason Furman and other economists use the measure to track aggregate-demand trends. He noted that GDP reflects domestic output after imports are subtracted.
GDPNow puts third-quarter consumption growth at 3.3% and equipment investment at 20.9%, compared with 13.4% growth for equipment investment in the second quarter.
These figures are model nowcasts. The Bureau of Economic Analysis (BEA) is scheduled to publish its advance estimate for third-quarter GDP Thursday, Oct. 29, according to its release calendar, as noted in EconoTimes' earlier coverage of the scheduled release.
