GDPNow Forecast Surges to 4.5% on Retail Sales, Monthly Treasury Statement
The latest GDPNow Forecast surged to 4.5% following recent economic reports.
The spread between GDPNow and Nowcast is now a whopping 1.7 percentage points.
The most recent Nowcast report is from July 13.
Nowcast has hardly budged on any economic data. I do expect a jump when Nowcast reports on Friday, July 20.
The alleged margin of error on these reports is one percentage point, so if there is not a big jump in Nowcast on Friday, at least one of the reports is going to be well out of bounds.
Mike "Mish" Shedlock