Atlanta Fed's GDPNow rises to 34.6% for Q3 after US data

The real gross domestic product (GDP) in the United States is expected to grow by 34.6% in the third quarter of 2020, up from 32% on September 25th, the Federal Reserve Bank of Atlanta's latest GDPNow report showed on Thursday.

"After recent releases from the Institute for Supply Management, the US Bureau of Economic Analysis, and the US Census Bureau, the nowcasts of third-quarter real gross private domestic investment growth and third-quarter real personal consumption expenditures growth increased from 38.1% and 34.2%, respectively, to 45.1% and 36.8%, respectively," Atlanta Fed explained in its publication.

"The nowcast of the contribution of change in real net exports to third-quarter real GDP growth decreased from -0.28 percentage points to -0.56 percentage points," the publication further read.

Market reaction

The US Dollar Index showed no immediate reaction to this report and was last seen losing 0.07% on the day at 93.74.