GDPNow's latest nowcast for Q4 GDP is 4.1%. Two weeks until the actual release. Looks like it is going to be a good quarter.
Quite a gap between the nowcast and the blue chip consensus. Last time this occurred the nowcast was the correct one. Let's see if it is again.
The underlying economic indicators are still fairly good, so this isn't too surprising. There were some expectations of a recession by year end, but they haven't materialized yet.
The nowcast can miss, but in general as we get closer to the actual release date it gets pretty accurate. There's still some Q4 data to be released that could change the nowcast in the next two weeks, but not significantly.