Atlanta Fed: GDPNow estimate for real GDP growth in Q3 rises to 4.1%

"The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2018 is 4.1 percent on October 1, up from 3.6 percent on September 28," the Federal Reserve Bank of Atlanta reported on Monday.

Key quotes

"The nowcast of third-quarter real government spending growth increased from 1.0 percent to 1.7 percent after this morning’s construction spending report from the U.S. Census Bureau. The nowcast of third-quarter real personal consumption expenditures growth increased from 3.5 percent to 3.7 percent after this morning’s Manufacturing ISM Report On Business from the Institute for Supply Management."

"The nowcast of the contribution of inventory investment to third-quarter real GDP growth increased from 1.88 percentage points to 2.14 percentage points after the release of July manufacturing and trade inventories on Friday by the U.S. Bureau of Economic Analysis and this morning’s ISM report."