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Q2 closing gross sales to non-public home purchasers — arguably a greater indicator over time about momentum within the economic system within the wake of the tariff-frontrunning — was 1.9% q/q AR. 4 days in the past, nowcasted closing gross sales for Q3 was 2.4%. At this time’s GDPNow launch takes that quantity right down to 1.7%, a slowdown from Q2.
Determine 1: Remaining gross sales to non-public home purchasers, newest classic (daring black), advance launch (blue), GDPNow of 8/29 (mild blue sq.), GDPNow of 9/2 (darkish blue sq.), Survey of Skilled Forecasters August median (darkish purple), 2023-24 stochastic development (grey), all in bn.Ch.2017$ SAAR. Supply: BEA, Atlanta Fed, Philadelphia Fed, and writer’s calculations.
The downward revision was related to the ISM manufacturing survey and the development launch. (Q3 GDP nowcast was diminished from 3.5% to three%, q/q AR.). Manufacturing PMI was at 53.0 (vs. 53.3 Bloomberg consensus), whereas building m/m was -0.1% (at consensus).
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