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Q1 GDP Tracking


From BofA: Data received since our update last Friday lowered our 1Q tracking estimate from 1.3% q/q saar to 0.9% q/q saar. The reduction in our tracking estimate was driven by weaker data on personal consumption, trade and inventories. [Mar 3rd estimate]
emphasis addedFrom Goldman: We left our Q1 GDP tracking estimate unchanged after rounding at +2.0% (qoq ar) but lowered our domestic final sales forecast by 0.1pp to +2.3%. [Mar 1st estimate]And from the Altanta Fed: GDPNowThe GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2023 is 2.3 percent on March 1, down from 2.8 percent on February 27. After recent releases from the US Census Bureau and the Institute for Supply Management, the nowcasts of first-quarter real gross private domestic investment growth and first-quarter real government spending growth decreased from -5.1 percent and 2.0 percent, respectively, to -6.1 percent and 1.5 percent, respectively, while the nowcast of the contribution of the change in real net exports to first-quarter real GDP growth decreased from 0.82 percentage points to 0.60 percentage points. [Mar 1st estimate]

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