U.S. economic growth is close to zero for Q4 according to Fed gauges
The U.S. economy will barely witness a growth at all in the fourth quarter, if two Federal Reserve gauges that track gross domestic product are correct.
With some recent data coming in below expectations, both the Atlanta and New York Fed’s trackers have lowered their expectations for the last three months of 2019.
According to the Atlanta Fed’s GDPNow, growth is likely to come in at just 0.3 percent. The New York Fed’s GDP Nowcast is showing an increase of 0.4 percent.
Both projections have come on the heels of recent news that took down previously meager expectations to just above negative territory. Friday releases indicating lackluster retail sales and production growth took the Atlanta tracker down from 1 percent a week ago and the New York measure from 0.7 percent earlier last week week and as high as 2 percent back in September.
Economic data has largely remained a bit better than expectations but has dipped lately compared with Wall Street estimates. The Citi Economic Surprise Index, which compares actual readings to consensus estimates, is still positive but at its lowest level since early September.