Atlanta Fed's GDPNow climbs to 28.9% for Q3 after US data

Eren Sengezer FXStreet

The real gross domestic product (GDP) in the United States is expected to grow by 28.9%, up modestly from 25.6% on August 26th, in the third quarter of 2020, the Federal Reserve Bank of Atlanta's latest GDPNow report showed on Friday.

"After recent data releases from the US Census Bureau and the US Bureau of Economic Analysis, the nowcasts of third-quarter real personal consumption expenditures growth and third-quarter real gross private domestic investment growth increased from 28.1% and 15.1%, respectively, to 33.8% and 22.4%, respectively," the Atlanta Fed explained.

"The nowcast of the contribution of the change in net exports to third-quarter real GDP growth decreased from 1.52 percentage points to -0.04 percentage points," the publication further read.

Market reaction

The US Dollar Index largely ignored this report and was last seen losing 0.75% on the day at 92.29.

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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