According to the GDPNow model of the Federal Reserve Bank of Atlantathe US economy is expected to grow at an annualized rate of 2.6% in the third quarter, down from 1.6% in the previous estimate.
“Following the release of this morning’s construction spending from the US Census Bureau and this morning’s manufacturing ISM business report from the Institute of Supply Management, current forecasts for real personal consumption spending growth Q3 growth and Q3 real gross private investment growth increased from 2.0% and -5.4%, respectively, to 3.1% and -3.5%, respectively,” the Atlanta Fed explained in its release.
market reaction
The dollar index showed no immediate reaction to this report and was last seen rising nearly 1% on the day at 109.75.
Source: Fx Street
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