US: Atlanta Fed’s GDPNow drops to 7.8% for Q2 after latest US data

The real gross domestic product (GDP) in the United States is expected to grow by 7.8%, down from 8.6% on July 1, in the second quarter of 2021, the Federal Reserve Bank of Atlanta’s latest GDPNow report showed on Friday.

“After this morning’s releases from the US Bureau of Economic Analysis, the US Census Bureau and the US Bureau of Labor Statistics, the nowcasts of second-quarter real personal consumption expenditures growth and second-quarter real gross private domestic investment growth decreased from 11.3% and 6.1%, respectively, to 10.4% and 4.7%, respectively,” Atlanta Fed explained. 

Market reaction

This report doesn’t seem to be having a noticeable impact on the USD’s market valuation. As of writing, the US Dollar Index was down 0.1% on the day at 92.42.