US: Atlanta Fed's GDPNow declines to 3.7% for Q3 after latest US data

Eren Sengezer FXStreet

The real gross domestic product (GDP) in the United States is expected to grow by 3.7% in the third quarter of 2021, down from 5.3% on September 1, the Federal Reserve Bank of Atlanta's latest GDPNow report showed on Thursday.

"After this morning's releases from the Bureau of Economic Analysis and the US Census Bureau, the nowcasts of third-quarter real personal consumption expenditures growth and third-quarter real gross private domestic investment growth decreased from 2.6% and 23.4%, respectively, to 1.9% and 19.3%, respectively, while the nowcast of the contribution of the change in real net exports to third-quarter real GDP growth decreased from -0.90 percentage points to -1.41 percentage points," the Atlanta Fed explained in its publication.

Market reaction

This report doesn't seem to be having a noticeable impact on the USD's performance against its rivals. As of writing, the US Dollar Index was down 0.2% on the day at 92.30.

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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