GDPNow and Nowcast 4th-Quarter GDP Estimates Near Convergence: 2.7% vs. 2.6%
The GDPNow and Nowcast reports are near convergence with surprisingly little volatility and spread vs past history.
GDPNow vs Nowcast
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Last quarter we saw gaps of 2 percentage points between GDPNow and Nowcast. The spread is now 0.1 percentage point.
One potential problems with both reports is lack of economic data. Thanks to the government shutdown, workers did not produces dozens of reports. Today, the New Home Sales report was skipped for the second month.
Mike "Mish" Shedlock