The Atlanta Federal Reserve raised its U.S. GDP growth estimate for the third quarter on Wednesday, reversing a previous downward revision made just a day earlier. This adjustment was prompted by the latest official economic data released earlier in the day.According to the Atlanta Fed’s GDPNow model, the revised estimate for seasonally adjusted annual growth in real gross domestic product (GDP) now stands at 2.1 percent, up from the 2.0 percent forecasted on September 3.The GDPNow model provides a continuously updated estimate of real GDP growth based on the latest available economic data for the current quarter.”Following this morning’s updates from the U.S. Census Bureau, the nowcast for third-quarter real gross private domestic investment growth was revised from -0.6 percent to 0.0 percent,” noted the Atlanta Fed. “This was slightly offset by a decrease in the nowcast for third-quarter real personal consumption expenditures growth, which was adjusted from 3.3 percent to 3.2 percent.”The next update for the GDPNow estimate is scheduled for Monday, September 9.The material has been provided by InstaForex Company – www.instaforex.com
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