And as observant reader surely recalls from the days when we would track Atlanta vs the New York Fed's Nowcasting Report (before discontinuation), Atlanta always seemed to run "hotter" than not just New York but hotter than the flash (Advance) estimate of GDP after the end of each quarter.
That's the long way of saying GDPNow will be trending lower.
From the Federal Reserve Bank of Atlanta, December 1:
Latest estimate: 2.8 percent — December 1, 2022
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the fourth quarter of 2022 is 2.8 percent on December 1, down from 4.3 percent on November 23. After recent releases from the US Census Bureau, the US Bureau of Economic Analysis, and the Institute for Supply Management, a decrease in the nowcast of fourth-quarter real personal consumption expenditures growth from 4.8 percent to 3.2 percent was slightly offset by an increase in the nowcast of fourth-quarter gross private domestic investment growth from 1.0 percent to 2.0 percent. In addition, the nowcast of the contribution of the change in real net exports to fourth-quarter real GDP growth decreased from 0.64 percentage points to 0.16 percentage points....
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