Atlanta Fed Cuts Q3 GDP Growth Projection To 2.4%

(RTTNews) - The Atlanta Fed lowered the third quarter growth projection for the U.S. economy on Thursday, citing the recent economic data.

Real gross domestic product seasonally adjusted annual growth estimate, based on the Atlanta Fed's GDPNow model, was slashed to 2.4 percent from 2.9 percent projected on August 8.

GDPNow is a running estimate of real GDP growth based on available economic data for the current measured quarter.

"After recent releases from the Treasury's Bureau of the Fiscal Service, the US Census Bureau, the US Bureau of Labor Statistics, and the Federal Reserve Board of Governors, the nowcast of third quarter real gross private domestic investment growth decreased from 2.8 percent to 0.0 percent," the Atlanta Fed said.

The next GDPNow update is due on Friday, August 16.