Atlanta Fed Cuts Q3 GDP Growth Estimate To 2.5%

(RTTNews) - The Atlanta Fed lowered its projection for the third quarter U.S. economic growth to 2.5 percent on Thursday.

The bank had estimated third quarter growth based on its GDPNow model at 2.8 percent on July 26.

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

"After this morning's releases from 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 growth decreased from 2.9 percent and 2.0 percent, respectively, to 2.6 percent and 1.6 percent," the Atlanta Fed said.

The next GDPNow update is due on Thursday, August 6.