GDPNow Model Forecasts a Slight Dip in Q4 GDP Growth

The Federal Reserve Bank of Atlanta has revised its GDPNow model estimate for the fourth quarter of 2024, projecting a real gross domestic product (GDP) growth of 3.1%. This figure represents a decline from the previously estimated 3.3% growth rate announced on December 9.

The downward adjustment follows the release of updated economic data from the Census Bureau, the US Bureau of Labor Statistics, and the Federal Reserve Board of Governors. These updates have also led to a reduction in the projected growth rate for real gross private domestic investment, which now stands at 1.2%, down from the initial estimate of 2.4%.