Financial News: Atlanta Fed Cuts Q3 GDP Estimate Again

Atlanta Fed Cuts Q3 GDP Estimate Again

08/16/2024 - 12:37:00 (RTTNews)

(RTTNews) - The Atlanta Fed on Friday lowered its third-quarter growth projection for the U.S. economy for a second time this week, the latest reason being the housing starts report released earlier in the day.

Real gross domestic product seasonally adjusted annual growth estimate, based on the Atlanta Fed's GDPNow model, was trimmed to 2.0 percent from 2.4 percent forecast on August 15.

The GDPNow estimate was lowered from the August 8's 2.9 percent, on Thursday.

GDPNow is a running estimate of real GDP growth based on available economic data for the current measured quarter.

"After this morning's housing starts report from the US Census Bureau, the nowcast of third quarter real gross private domestic investment growth decreased from 0.0 percent to -2.4 percent," the Atlanta Fed said.

The next GDPNow update is due on Monday, August 26.

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