According to the model GDPNow from the Federal Reserve Bank of Atlantathe US economy is expected to grow at an annualized rate of 1.8% in the third quarter, down from 2.5% in the previous estimate.
“Following recent releases from the US Treasury Department’s Office of the Fiscal Service, the US Bureau of Labor Statistics, the US Census Bureau, and the Federal Reserve Board of Governors , a decrease in the forecast for third-quarter real gross private investment growth from 0.2% to -3.6% was slightly offset by an increase in the forecast for third-quarter real government spending growth from 1.7% to 2.0%”, the Atlanta Fed explained in its post.
market reaction
The US Dollar Index largely ignored this report and was last seen posting small daily gains at 106.58.
Source: Fx Street
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