According to the GDPNow model of the Federal Reserve Bank of Atlantathe US economy is expected to contract 1.9% in the second quarter, slightly more than the July 1 forecast of -2.1%.
“Following this week’s releases from the Institute for Supply Management, the US Census Bureau, and the US Bureau of Economic Analysis, current forecasts for growth in real personal consumption spending and growth of real private gross domestic investment in the second quarter increased from 0.8% and -15.1%, respectively, to 1.3% and -14.9%, respectively, while the current forecast of the contribution of the change in real net exports to growth of GDP in the second quarter decreased from 0.38 percentage points to 0.21%”, explained the Atlanta Fed in its publication.
market reaction
The USD retains its strength after this report and the US Dollar Index was last up 0.05% on the day, trading at 107.10.
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.
