According to the GDPNow model of the Federal Reserve Bank of Atlantathe US economy is expected to contract 1.2% in the second quarter, compared to the July 19 forecast of -1.6%.
“Following recent releases from the US Census Bureau and the National Association of Realtors, the forecast for the contribution of inventory investment to real GDP growth in the second quarter increased from -2.50 percentage points to – 2.30 percentage points, while the forecast for the contribution of the change in real net exports to real GDP growth in the second quarter increased from 0.18 percentage points to 0.59 percentage points,” the Atlanta Fed explained in its publication.
market reaction
The dollar index remains sideways on the day, near 107.20, after this report.
Source: Fx Street
With 6 years of experience, I bring to the table captivating and informative writing in the world news category. My expertise covers a range of industries, including tourism, technology, forex and stocks. From brief social media posts to in-depth articles, I am dedicated to creating compelling content for various platforms.
