The US economic outlook remains dicey as various macro and geopolitical risk factors continue to swirl, but a rebound is still intact for the current nowcast of the upcoming third-quarter GDP report, based on the median for a set of estimates compiled by CapitalSpectator.com.
Today’s revision indicates a moderate 1.9% increase in Q3 GDP (seasonally adjusted annual rate). The nowcast marks a bounce from the previous update at September’s end. More importantly, if the median estimate is correct, US GDP will post its first quarterly increase this year. The official data from the Bureau of Economic Research is scheduled for release on Oct. 27.