Atlanta Fed's GDPNow edges lower to 28.5% for Q3 after US data

The real gross domestic product (GDP) in the United States is expected to grow by 28.5%, down slightly from 28.9% on August 28th, in the third quarter of 2020, the Federal Reserve Bank of Atlanta's latest GDPNow report showed on Friday.

"After this morning's Manufacturing ISM Report On Business from the Institute for Supply Management and the construction spending report from the U.S. Census Bureau, a decrease in the nowcast of third-quarter real personal consumption expenditures growth from 33.8% to 32.2% was offset by increases in the nowcasts of third-quarter real residential investment growth and third-quarter real government spending growth from 31.3% and 14.3%, respectively, to 37.2% and 17.0%, respectively," Atlanta Fed explained in its press release.

Market reaction

The US Dollar Index largely ignored this data and was last seen posting small daily gains at 92.19.