The Atlanta Fed GDPNow model estimate for Q3 growth rose to 3.9% from 3.5% after data today. It is the 2nd estimate for the quarter given recent data. Last week Q2 growth came in at 2.4%. That was right on the Atlanta Fed estimate going into the release. IN the 1st quarter the Atlanta Fed model estimated 1.1% growth and that was also right on the announced Q1 advanced GDP growth forecast.
The increase was helped by increases in PCE, equipment, non-residential structures, residential investment exports, imports after the ISM manufacturing and construction spending data this morning.
This article was written by Greg Michalowski at www.forexlive.com. Source