Atlanta Fed's GDPNow rises to 20.3% for Q3 on upbeat US data

Eren Sengezer FXStreet

The real gross domestic product (GDP) in the United States is expected to expand by 20.3%, up from 19.6% on August 3rd, in the third quarter of 2020, the Federal Reserve Bank of Atlanta's latest GDPNow report showed on Wednesday.

"After yesterday's and today’s data releases by the US Bureau of Economic Analysis, the US Census Bureau, and the Institute for Supply Management, the nowcasts of third-quarter real personal consumption expenditures growth and third-quarter real gross private domestic investment growth increased from 22.4% and 11.1%, respectively, to 23.1% and 12.2%, respectively," Atlanta Fed explained in its publication.

Market reaction

The US Dollar Index edged slightly higher and was last seen gaining 0.6% on a daily basis at 92.72.

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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