Atlanta Fed and NY Fed GDP estimates are so far apart, you can drive a truck through them
The New York Fed Nowcast estimate for third-quarter GDP growth comes out once a week. It is based on their model for growth given a range of inputs. That model sees third-quarter growth at 14.1%. that is up from 14.0% last week.
Meanwhile, the Atlanta Fed also has a GDP model that they call the GDPNow model. it is released more regularly. The last estimate was released on October 6 and it forecasts third-quarter GDP growth at 35.3%. A new report is expected sometime today
Ao in summary:
- NY Fed at 14.1%
- Atlanta Fed at 35.3%
That spread is so wide you can drive a truck through it.
It also makes you wonder, maybe the regional Fed offices should get together and compare notes.