Near-real-time economic models at the Federal Reserve banks in New York and Atlanta predict the U.S. economy will experience double-digit growth in the third quarter, following a record-shattering collapse of an annualized minus 32.9 percent in second-quarter GDP, when business activity ground to a halt due to pandemic lockdowns.
Called “nowcasts,” the predictions are model-based, running estimates of real gross domestic product (GDP) growth, based on various data points; neither is an official forecast of the New York Fed or the Atlanta Fed.
