Monthly GDP rose 0.8% in March, more than reversing a 0.5% decline in February. The decline in February and the rebound in March were more than accounted for by nonfarm inventory investment and net exports, both of which weakened in February and strengthened in March. Elsewhere, growth of domestic final sales softened in both February and March. The level of monthly GDP in March was 1.4% above the first-quarter average at an annual rate. Our latest tracking forecast of 2.3% GDP growth in the second quarter includes monthly increases in April, May, and June that average 0.2% per month (not annualized). Click here for more information on MA’s Monthly GDP measure.
MA’s Ben Herzon is quoted in an April 13th piece (“Fed vs. Fed: NY, Atlanta vie to be top GDP fortune tellers,” by Jeffry Bartash at Market Watch) describing the new NY Fed GDP tracker… The New York Fed on Tuesday surprised Wall Street by unveiling its very own GDP tracker to monitor how fast the U.S. economy is growing. The new tool, called FRBNY Nowcast, will compete with a better-known tracker compiled some 870 miles to the south of the Big Apple by the Atlanta Fed. The Atlanta Fed’s regularly updated report, known as GDP Now, has already built a reputation among a growing number of followers eager for the most up-to-date info on the U.S. economy. The government’s official report on gross domestic product doesn’t come out until a month after each quarter ends and investors are hungry for quicker and more accurate data. Enter the New York … Continue Reading