Friday, October 28, 2016

Today's advance estimate of GDP for 3Q2016 at 2.9% actually looks pessimistic

The Board of Governors of the Federal Reserve in June reduced their forecast of 2016 GDP from 2.1-2.3% in March to 1.9-2.0%.

Today's estimate means the average report of GDP in 2016 is now 1.7%.

It'll take a lot more than today's 2.9% to get us up to 2.0% for the year.