According to the Federal Reserve Bank of Atlanta’s GDPNow model, the US economy is expected to contract 1.5% in the second quarter, down from the July 8 forecast of -1.2%.
“Following recent releases from the US Bureau of Labor Statistics, the US Census Bureau, the Federal Reserve Board of Governors, and the US Treasury Department’s Office of the Fiscal Service. , the current forecast for second-quarter real personal consumption expenditure growth and real private gross domestic investment growth was lowered from 1.9% and -13.7%, respectively, to 1.5% and -13.8%, respectively,” the Atlanta Fed explained in its post.
market reaction
The dollar index did not show an immediate reaction to this report, last seen losing 0.5% on the day at 108.10.
Source: Fx Street
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