by Mike ‘Mish’ Shedlock
In the wake of dismal retail sales numbers for March and inventories for February, the Atlanta Fed GDPNow Forecast rose to 0.2 percentage points to +0.3%.
I expected a dip to -0.3% because inventories and sales were both down.
We have seen these kinds of results before, so this is not shocking. Most likely, the numbers were factored into preliminary reports and today’s numbers were slightly better than expected.
It is tough gaming these numbers precisely because it is difficult to know what is priced in. Apparently bad auto sales were.