Atlanta Fed GDPNow for Q3 rises to 2.6% versus prior 1.6

According to the Fed Bank of Atlanta’s GDPNow model, the US economy is expected to grow at an annualized rate of 2.6% in the third quarter, up from 1.6% in the previous estimate.

“After this morning’s construction spending release from the US Census Bureau and this morning’s Manufacturing ISM Report On Business from the Institute for Supply Management, the nowcasts of third-quarter real personal consumption expenditures growth and third-quarter real gross private domestic investment growth increased from 2.0% and -5.4%, respectively, to 3.1% and -3.5%, respectively,” Atlanta Fed explained in its publication.