Economic growth has slowed, and there's no sign that output will reaccelerate anytime soon. But there's also minimal evidence that the economy is due to crumble in next month's third-quarter GDP report. Instead, the macro trend continues to plod along at a subdued pace.
The median estimate for US output in Q3 continues to print at 2.0%, based on the nowcasts for several models compiled by The Capital Spectator. The current median estimate matches the 2.0% rise in Q2. Wednesday's update is also unchanged from the previous 2.0% nowcast for Q3 (published August 27).