Financial News: Atlanta Fed Trims Q3 US GDP Growth Estimate

Atlanta Fed Trims Q3 US GDP Growth Estimate To 2%

09/03/2024 - 15:29:00 (RTTNews)

(RTTNews) - The Atlanta Fed lowered the U.S. GDP growth estimate for the third quarter on Tuesday, citing downward revisions to components following the release of the ISM survey data and <a href=https://www.rttnews.com/3472583/u-s-construction-spending-unexpectedly-dips-0-3-in-july.aspx?type=useco target=_blank >construction spending</a> figures 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 2.5 percent predicted on August 30.

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

"After this morning's releases from the US Census Bureau and the <a href=https://www.rttnews.com/3472580/u-s-manufacturing-index-inches-higher-but-still-indicates-contraction-in-august.aspx?type=useco target=_blank >Institute for Supply Management</a>, the nowcasts of third-quarter real personal consumption expenditures growth and third-quarter real gross private domestic growth decreased from 3.8 percent and -0.1 percent, respectively, to 3.3 percent and -0.6 percent," the Atlanta Fed said.

The next GDPNow update is due on Wednesday, September 4.

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