Slipping into darkness … with less than two months until the US midterm elections.
Latest estimate: 0.3 percent — September 20, 2022
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2022 is 0.3 percent on September 20, down from 0.5 percent on September 15. After this morning’s housing starts report from the US Census Bureau, the nowcast of third-quarter residential investment growth decreased from -20.8 percent to -24.5 percent.
The culprit? US Housing starts!
We knew from this morning that housing starts declined -0.01% YoY as The Fed’s Stimulypto wears off.
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