On Tuesday, the Atlanta Federal Reserve revised its estimate for U.S. GDP growth in the third quarter, reducing it due to downward adjustments in components influenced by the latest ISM survey data and construction spending statistics released earlier in the day.
The revised estimate for real gross domestic product (seasonally adjusted annual growth) from the Atlanta Fed's GDPNow model was lowered to 2.0 percent, down from the 2.5 percent projection made on August 30.
GDPNow provides an ongoing estimate of real GDP growth based on currently available economic data for the measured quarter.
"Following the releases this morning from the U.S. Census Bureau and the Institute for Supply Management, the nowcasts for third-quarter real personal consumption expenditures growth and third-quarter real gross private domestic investment growth have been revised down from 3.8 percent and -0.1 percent, respectively, to 3.3 percent and -0.6 percent," the Atlanta Fed reported.
The next GDPNow update is scheduled for Wednesday, September 4.
