The Atlanta Federal Reserve revised its forecast for the U.S. economic growth in the third quarter down to 2.5 percent on Thursday.
Initially, on July 26, the bank had estimated the third quarter growth at 2.8 percent, based on its GDPNow model—a continuously updating estimate of real GDP growth utilizing current economic data for the measured quarter.
Following the recent data releases from the U.S. Census Bureau and the Institute for Supply Management, the Atlanta Fed noted, "The nowcasts for third-quarter real personal consumption expenditures growth and third-quarter real gross private domestic growth have decreased to 2.6 percent and 1.6 percent, respectively, from the previous figures of 2.9 percent and 2.0 percent."
The next update from GDPNow is scheduled for Thursday, August 6.
