Consumers Aren't In the Mood for a Recession

The Atlanta Fed's GDPNow model estimate for real GDP growth during Q4 is 4.4% today, up from 4.0% on November 9. After this morning’s retail sales report showed a solid 1.3% October gain, the nowcast of Q4 real personal consumption expenditures growth increased from 4.2% to 4.8%.

The Consumer Sentiment Index dropped from 59.9 during October to 54.7 during the first half of November. Consumers remain depressed, yet they are going shopping. It makes them feel better apparently!