The Federal Reserve Bank of Atlanta recently adjusted its growth forecast for the U.S. economy in the third quarter. This revision reflects current official data, including recent housing market statistics.
The bank's GDPNow model, which provides a real-time estimate for real GDP growth, has been revised from an earlier 3.4 percent projection on October 18 to a slightly lower 3.3 percent.
"In light of the latest figures from the U.S. Census Bureau and the National Association of Realtors, the nowcast for third-quarter real gross private domestic investment growth has been adjusted downward from 3.2 percent to 2.7 percent," announced the Atlanta Fed.
It is important to note that the GDPNow model offers a continuously updated snapshot of anticipated real GDP expansion, based upon the most recent economic data available for the ongoing quarter.
The forthcoming update for the GDPNow model is scheduled for release on Tuesday, October 29.
