U.S. first quarter GDP growth expectations are jumping
The Atlanta Fed's GDPNow forecasting tool has been steadily increasing estimates of this year's first quarter GDP. The initial reading was an unimpressive 0.3% on March 1. The forecast is updated as pertinent economic data is released.
By the numbers: The most impactful readings were the March 22 U.S. wholesale trade and existing home sales reports, which increased the expected GDP reading from 0.6% to 1.2%, and the April 1 retail trade, ISM manufacturing and construction spending reports, which raised expectations from 1.7% to 2.1%.
Go deeper: The global push to reinvent GDP