Nowcasting is the prediction of the present, the near future, and the near past. Nowcasting is important in economics because many important macroeconomic statistics are released with a lengthy delay. For example, the Bureau of Economic Analysis releases quarterly GDP data typically two months after the quarter has already ended - a significant delay for any companies or individuals who need the data for planning and forecast models.
Nowcasting is about deciphering key information about the state of the economy before official data is released. Because of the fundamentally urgent nature of nowcasting, it is important that nowcast models exploit any latest, high-frequency data available.
Our nowcast model generates constantly rolling forecasts, updating these numbers in response to new data releases.
This model is updated daily between 16:00 and 20:00 ET.
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All units are reported in terms of annualized % change except for net exports and change in private inventories, which are reported in billions of dollars.