The Atlanta Federal Reserve unveiled its initial estimate for third-quarter growth on Friday, utilizing its GDPNow model to project a 2.8% increase in the U.S. economy. This follows official data released on Thursday indicating that the gross domestic product (GDP) grew by a better-than-expected 2.8% in the second quarter, up from a 1.4% rise in the first quarter.
The second quarter's growth exceeded the Atlanta Fed's final GDPNow model forecast by 0.2 percentage points, which was last updated on July 24. According to the Commerce Department, the GDP growth was principally driven by increases in consumer spending, private inventory investment, and non-residential fixed investment.
The subsequent GDPNow update is scheduled for Thursday, August 1.
