Atlanta Fed's GDPNow climbs to 26.2% for Q3 after US data

Eren Sengezer FXStreet

The real gross domestic product (GDP) in the United States is expected to grow by 26.2%, up sharply from 20.5% on August 7th, in the third quarter of 2020, the Federal Reserve Bank of Atlanta's latest GDPNow report showed on Friday.

"After this week’s data releases by the US Bureau of Labor Statistics, the US Department of the Treasury's Bureau of the Fiscal Service, the Federal Reserve Board of Governors, and the US Census Bureau, the nowcasts of third-quarter real personal consumption expenditures growth and third-quarter real gross private domestic investment growth increased from 21.9% and 9.5%, respectively, to 27.8% and 19.7%, respectively, and the nowcast of third-quarter real government spending growth increased from 14.0% to 14.3%," the Atlanta Fed explained in its publication.

Market reaction

The US Dollar Index paid little to no mind to this report and was last seen losing 0.14% on the day at 93.11.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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