Atlanta Fed Lifts US Q3 GDP Growth Estimate To 2.9%

(RTTNews) - The Atlanta Fed raised its third quarter growth projection for the U.S. economy on Tuesday, citing latest economic data including the ISM indexes.

Real gross domestic product growth estimate, based on the Atlanta Fed's GDPNow model, was lifted to 2.9 percent from 2.5 percent predicted on August 1.

"After recent releases from the US Bureau of Labor Statistics, the US Census Bureau, the US Bureau of Economic Analysis, and the Institute for Supply Management, the nowcasts of third quarter real personal consumption expenditures growth and third quarter real gross private domestic growth increased from 2.6 percent and 1.6 percent, respectively, to 3.0 percent and 2.8 percent," the Atlanta Fed said.

GDPNow is a running estimate of real GDP growth based on available economic data for the current measured quarter.

The next GDPNow update is due on Thursday, August 8.