Accounting for gold, GDPNow for Q1 is at +0.4%.
Figure 1: GDP (black), GDPNow (red triangle), GDPNow adjusted for gold imports by Atlanta Fed (brown square), NY Fed (blue square), Goldman Sachs (inverted green triangle), Survey of Professional Forecasters (light blue), all in billion Ch.2017$ SAAR. Source: BEA, Atlanta Fed, Philadelphia Fed, NY Fed, Goldman Sachs and authors calculations.
Here’s the worksheet:
Source: Higgins/Atlanta Fed.
In the space of one week, the nowcast has declined by almost 2 percentage points (q/q annualized).
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