Atlanta Fed Was Closer to the Mark… Bloomberg

In our blog, we have been tracking the Atlanta Fed’s GDPNow which updates current quarter GDP estimates after various economic releases… Here is Bloomberg on how well they did:

“Traders who ignored the Federal Reserve Bank of Atlanta’s GDPNow second-quarter forecast for the U.S. economy can only blame themselves. The regional bank lowered its outlook for gross domestic product Thursday — to 1.8 percent growth at an annualized rate — after receiving an inaugural batch of data from the Census Bureau. GDP today came in at a 1.2 percent rate for the quarter, trailing the median estimate of economists, who had called for a 2.5 percent pace.”

I like to look at the Fed’s GDP estimates to get a sense of how important the many economic data points released are to the big picture… Who needs an in house economist?

http://www.bloomberg.com/news/articles/2016-07-29/atlanta-fed-was-closer-to-the-mark-on-second-quarter-gdp-chart