US: Atlanta Fed's GDPNow declines to 8.8% for Q1 after latest US data

The real gross domestic product (GDP) in the United States is expected to grow by 8.8%, down from 9.6% on February 25, in the first quarter of 2021, the Federal Reserve Bank of Atlanta's latest GDPNow report showed on Friday.

"After this morning’s releases from the US Bureau of Economic Analysis and the US Census Bureau, the nowcast of first-quarter real gross private domestic investment growth decreased from 22.1% to 17.7%, while the nowcast of the contribution of the change in real net exports to first-quarter real GDP growth decreased from -0.78 percentage points to -0.84 percentage points," Atlanta Fed explained in its publication.

Market reaction

The US Dollar Index showed no immediate reaction to this report and was last seen gaining 0.67% on a daily basis at 90.74.