GDP Now Takes Q4 Forecast Down to 0.3 Percent From 1.0 Percent

The Atlanta Fed’s GDPNow dropped its forecast of Q4 growth to just 0.3% from 1.0 percent. The New York Fed’s GDP Nowcast is showing a gain of 0.4%.

Today’s two economic releases indicating lackluster retail sales, consumers purchases of big-ticket items disappointed, and a dismal -0.8 percent industrial production print for October were largely responsible for GDP forecast revisions.