Atlanta Fed's GDPNow edges higher to 29.6% for Q3 after US data

Eren Sengezer FXStreet

The real gross domestic product (GDP) in the United States is expected to grow by 29.6%, up modestly from 28.5% on September 1st, in the third quarter of 2020, the Federal Reserve Bank of Atlanta's latest GDPNow report showed on Thursday.

"After recent data releases by the US Bureau of Economic Analysis, the Institute for Supply Management and the US Census Bureau, the nowcast of third-quarter real gross private domestic investment growth increased from 23.2% to 29.6%," the Atlanta Fed explained in its publication. "The nowcast of the contribution of the change in net exports to third-quarter real GDP growth decreased from -0.03 percentage points to -0.27 percentage points."

Market reaction

The US Dollar Index paid little to no attention to this report and was last seen gaining 0.22% on the day at 92.85.

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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