Financial News: Atlanta Fed Trims Q3 US GDP Growth Estimate

Atlanta Fed Trims Q3 US GDP Growth Estimate To 3.3%

10/25/2024 - 10:54:00 (RTTNews)

(RTTNews) - The Atlanta Fed cut the U.S. growth projection for the third quarter on Friday, citing the recent official data as well as the housing market figures.

The bank lowered the GDPNow model estimate for real GDP growth in the third quarter to 3.3 percent from 3.4 percent projected on October 18.

"After recent releases from the US Census Bureau and the <a href=https://www.rttnews.com/3483527/u-s-existing-home-sales-unexpectedly-slump-by-1-0-in-september.aspx target=_blank >National Association of Realtors</a>, the nowcast of third quarter real gross private domestic investment growth decreased from 3.2 percent to 2.7 percent," the Atlanta Fed said.

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

The next GDPNow update is due for October 29, Tuesday.

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