Today’s update of the ISM Non-Manufacturing (Services) Index for October corroborates the upbeat news from its manufacturing counterpart. In short, the economy continues to grow, or so these two widely watched indicators from the Institute for Supply Management suggest. The expansion is still well short of strong growth, but it’s hard to make the argument that the economy is in danger of shrinking any time soon.
Daily Archives: November 5, 2012
Q4:2012 U.S. GDP Nowcast Update | 11.5.2012
Will the rebuilding in the Northeast in the wake of Hurricane Sandy’s destruction juice the economy’s modest growth trend? It’s too early to know, but the possibility can’t be dismissed. For now, it’s time to establish a baseline of nowcasts for Q4:2012 GDP. The official estimate is scheduled for release via the Bureau of Economic Analysis in late-February, and so there’s a long road ahead in terms of economic updates. The journey starts here: The current average of our five econometric-based nowcasts anticipates real annualized Q4 growth of 1.7%, or down slightly from Q3’s official 2.0% estimate.