US: Atlanta Fed GDPNow for Q3 declines to 1.8%

According to the Federal Reserve Bank of Atlanta's GDPNow model, the US economy is expected to grow at an annualized rate of 1.8% in the third quarter, down from 2.5% in the previous estimate.

"After recent releases from the US Department of the Treasury's Bureau of the Fiscal Service, the US Bureau of Labor Statistics, the US Census Bureau, and the Federal Reserve Board of Governors, a decrease in the nowcast of third-quarter real gross private domestic investment growth from 0.2% to -3.6% was slightly offset by an increase in the nowcast of third-quarter real government spending growth from 1.7% to 2.0%," Atlanta Fed explained in its publication.

Market reaction

The US Dollar Index largely ignored this report and was last seen posting small daily gains at 106.58.