The Federal Reserve Bank of Atlanta has revised its GDPNow forecast, now projecting a modest 2.0% growth for the U.S. economy in the third quarter of 2024. This latest estimate, updated on August 16, represents a decline from the previous forecast of 2.4%.
The GDPNow model provides a real-time prediction of GDP growth by incorporating economic data as it becomes available. The reduction to a 2.0% growth rate may signal potential easing in economic momentum as various economic indicators continue to unfold.
Analysts will be closely watching subsequent updates and economic data releases to gauge whether this downward adjustment is indicative of a broader trend or merely a response to specific, temporary factors affecting the economy.
