The Atlanta Fed GDPNow growth estimate for Q3 falls to 2.5% from 2.8%

The Atlanta Fed GDPNow growth estimate for Q3 came in at 2.5% from 2.8% previously. It is early in the quarter, so the growth will evolve. However, the first move is lower:

The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2024 is 2.5 percent on August 1, down from 2.8 percent on July 26. After this morning’s releases from the US Census Bureau and the Institute for Supply Management, the nowcasts of third-quarter real personal consumption expenditures growth and third-quarter real gross private domestic growth decreased from 2.9 percent and 2.0 percent, respectively, to 2.6 percent and 1.6 percent.

The next GDPNow update is Tuesday, August 6. Please see the “Release Dates” tab below for a list of upcoming releases.

This article was written by Greg Michalowski at www.forexlive.com.