US: Atlanta Fed GDPNow for Q2 rises to -1.2%

Eren Sengezer FXStreet

According to the Federal Reserve Bank of Atlanta's GDPNow model, the US economy is expected to contract by 1.2% in the second quarter, up from the July 7 forecast of -1.9%.

"After this morning's employment situation report by the US Bureau of Labor Statistics and the wholesale trade report from the US Census Bureau, the nowcasts of second-quarter real personal consumption expenditures growth and real gross private domestic investment growth increased from 1.3% and -14.9%, respectively, to 1.9% and -13.7%, respectively," Atlanta Fed explained in its publication.

Market reaction

The US Dollar Index showed no immediate reaction to this report and was last seen trading flat on the day near 107.00.

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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