GDPNow at 4.7% on the back of bullish ISM manufacturing data

Quick note here to update you on some of the macro data

I continue to be bullish on the near-term US economy. As I wrote this morning, the Q2 and Q3 GDP numbers are both showing more than 4% growth. And with the ISM Manufacturing data released today, the Q3 GDPNow tracker has pushed up to 4.7% from 4.1%.

Here's how the Atlanta Fed explains the change:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2018 is 4.7 percent on September 4, up from 4.1 percent on August 30... after this morning's construction spending report from the U.S. Census Bureau and this morning's Manufacturing ISM Report On Business from the Institute for Supply Management.
The consensus numbers for Q3 are still at 3.1%.

Source: ISM

Why this matters: if GDP gro...


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