The Atlanta Federal Reserve announced a modest increase in its GDPNow forecast for the fourth quarter of 2024, with the projection edging up to 2.7% from its previous level of 2.6%. The recent data update was made on November 27, 2024, and reflects a slight optimism in the economic growth projection for the United States as the year draws to a close.
This upward revision indicates a subtle yet positive shift in the economic outlook. The GDPNow model provides a real-time projection of future economic growth by incorporating actual economic data as they become available and is updated frequently throughout each economic quarter. The model's shift to 2.7% suggests that underlying economic conditions might have improved marginally since the last forecast.
While the increase is not large, it represents a steady continuation of growth and suggests some resilience amid what has been a year of challenging economic conditions on the global stage. Analysts and investors alike will continue to watch closely as further economic indicators are released, providing more insights into the trajectory of US economic growth.