Latest Nowcasts Cut Chance Of A 2023 Recession Further

In 2023 so far, the U.S. economy has defied recession expectations. Latest early nowcasts from the Federal Reserve Bank of Atlanta’s GDPNow model are calling for very strong Q3 growth and professional forecasters are anticipating positive economic growth in Q3 too.

We’re now more than half-way through the third quarter, and the nowcasts adjust as further data comes in, but the current trend is positive, reducing the chance of a 2023 recession that was previously viewed as likely.