In an encouraging development, the Atlanta Federal Reserve’s GDPNow model has updated its projection for U.S. economic growth in the third quarter of 2024. The latest estimate, revealed on September 9, 2024, places the Gross Domestic Product (GDP) growth rate at 2.5%. This marks a notable improvement from the previous projection of 2.1% that had stood for much of the quarter.The GDPNow model is widely followed by economists and financial markets for its real-time insights into economic activity. A rise in the projection indicates a stronger-than-expected performance of the U.S. economy, potentially reflecting robust consumer spending, increased industrial production, or other favorable economic factors.The adjustment to 2.5% provides a more optimistic view of U.S. economic health and could have significant implications for monetary policy decisions, investor sentiment, and broader economic strategies as the year progresses.The material has been provided by InstaForex Company – www.instaforex.com
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