The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2020 is 28.9 percent on August 28, up from 25.6 percent on August 26. After recent data releases from the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, the nowcasts of third-quarter real personal consumption expenditures growth and third-quarter real gross private domestic investment growth increased from 28.1 percent and 15.1 percent, respectively, to 33.8 percent and 22.4 percent, respectively, while the nowcast of the contribution of the change in net exports to third-quarter real GDP growth decreased from 1.52 percentage points to -0.04 percentage points.
Today’s Personal Income and Outlays data helped Q3 Real GDP to surge to 28.9%.
