The Atlanta Federal Reserve's GDPNow model has been updated and indicates a slight decrease in the projected economic growth for the third quarter of 2024. The previous forecast had pegged Q3 growth at 2.8%, but as of August 1, 2024, the model has been adjusted downward to 2.5%.
This revision reflects a diminished outlook influenced by varied economic indicators considered by the GDPNow model. Despite the downtick, the forecasted growth rate remains relatively solid, indicating a steady, though slightly slower, expansion of the U.S. economy heading into the latter part of the year.
Market analysts and policymakers are now closely watching subsequent data releases to assess whether this adjustment signifies a temporary deceleration or a potential trend for the remaining quarters of 2024. The next update from the Atlanta Fed's GDPNow model is highly anticipated as it will provide clearer insights into the trajectory of the American economy.
