US: Atlanta Fed’s GDPNow declines to 3.6% for Q3 after latest US data

The real gross domestic product (GDP) in the United States is expected to grow by 3.6% in the third quarter of 2021, down from 3.7% on September 10, the Federal Reserve Bank of Atlanta’s latest GDPNow report showed on Thursday.

“After this week’s releases from the US Bureau of Labor Statistics, the US Department of the Treasury’s Bureau of the Fiscal Service, the US Census Bureau, and the Federal Reserve Board of Governors, a decrease in the nowcast of third-quarter real gross private domestic investment growth from 19.2% to 18.9% was partially offset by an increase in the nowcast of third-quarter real personal consumption expenditures growth from 2.1% to 2.2%,” Atlanta Fed explained. “The nowcast of the contribution of the change in real net exports to third-quarter real GDP growth increased from -1.41 percentage points to -1.37 percentage points.”

Market reaction

This report doesn’t seem to be having a noticeable impact on the USD’s performance against its rivals. As of writing, the US Dollar Index was up 0.5% on the day at 92.93.