GDP nowcast: Q1, 2024: +2.5%
The 4Lights GDP Nowcast model is predicting that real 1st quarter GDP grew at +2.5%; up from prior nowcasts
Some interesting developments in growth projections for the US economy, lately. The Federal Reserve increased growth projections for the year during their March meeting (but also increased their inflation projections👎). The Economic Report of the President was also published — it is full of interesting econ tidbits. My model has also grown more optimistic for a decently-to-strong 1st quarter after a few weeks of better economic data.
The New York Fed and the Atlanta Fed nowcasting models have diverged, a bit (NY is flat and Atlanta is up). My projection is somewhere in the middle.
New York Fed Staff Nowcast for Q1, 2024: +1.9%
Atlanta Fed GDPNow for Q1, 2024: +2.8%