Excerpt from CNBC quoting DataTrek co-founder Nick Colas:
… ““GDPNow has a strong track record, and the closer we get to July 28th’s release [of the initial Q2 GDP estimate] the more accurate it becomes,” wrote Nicholas Colas, co-founder of DataTrek Research…
…To be sure, this tracker can be volatile and swing with every data release. However, Colas noted that the GDPNow model gets more accurate as the quarter progresses.
“The model’s long-run track record is excellent,” he said. “Since the Atlanta Fed first started running the model in 2011, its average error has been just -0.3 points. From 2011 to 2019 (excluding the economic volatility around the pandemic), its tracking error averaged zero”….
Full article here on CNBC!