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
Monthly GDP declined 0.2% in February, following a 0.1% increase in January that was revised down by three-tenths. The February decline was essentially accounted for by final sales, which reflected declines in capital goods, construction, other domestic final sales, and net exports that were only partially offset by an increase in PCE. Averaged over January and February, monthly GDP was only 0.4% above the fourth-quarter average at an annual rate. Our latest estimate of 0.9% annualized growth of GDP in the first quarter includes a 0.4% increase in March (not annualized), largely reflecting an assumed rebound in net exports. Click here for more information on MA’s Monthly GDP measure.