On Friday, the Atlanta Federal Reserve revised its growth projection for the U.S. economy in the third quarter, marking the second adjustment this week. This alteration was driven by the recent housing starts report.
The revision led to a reduction in the estimated real gross domestic product (GDP) growth, adjusted seasonally and annually, to 2.0 percent from the earlier forecast of 2.4 percent on August 15.
Previously, the GDPNow model's estimate had already been adjusted down from 2.9 percent on August 8 to 2.4 percent on Thursday.
The GDPNow model provides a continuous estimate of real GDP growth based on the latest available economic data for the ongoing quarter.
"Following the release of the housing starts report by the U.S. Census Bureau this morning, the nowcast for third-quarter real gross private domestic investment growth was decreased from 0.0 percent to -2.4 percent," stated the Atlanta Fed.
The forthcoming GDPNow update is scheduled for release on Monday, August 26.
