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Landing Cancelled? Retail Sales Jump, Prior Months Revised Up, Boost Atlanta Fed GDPNow to +3.4% Inflation-Adjusted GDP Growth

October 18, 2024

This demand growth is adding to renewed inflation concerns. The huge waves of immigrants in 2022-2024 are part of this demand growth.

Upon the release of the retail sales data today, the Atlanta Fed’s GDPNow’s estimate for inflation-adjusted GDP growth in Q3 rose to 3.4%, nearly entirely because the inflation-adjusted growth of its consumer spending component got boosted by retail sales today.

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