Following today's latest round of #GrowthSlowing data, the Federal Reserve Bank of Atlanta (once again) ratcheted back it's fourth quarter U.S. GDP estimate to 1.4%. This is down from 1.8% just last Wednesday and its 2.2% forecast from less than two weeks ago.
Here's the Atlanta Fed's current estimate (and Wall Street consensus) versus Hedgeye:
.... And the Atlanta Fed's accompanying analysis...
"The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the fourth quarter of 2015 is 1.4 percent on December 1, down from 1.8 percent on November 25. The decline occurred this morning after the Manufacturing ISM Report On Business from the Institute of Supply Management and the construction spending release from the U.S. Census Bureau."
We've been a bit more explicit.
(See Hedgeye CEO Keith McCullough's latest commentary in "Raise Rates Into Recessionary Data? Bad Idea. [But The Fed Probably Will Anyway]")