Atlanta Fed sees lower third quarter growth
The Atlanta Fed lowered its Q3 growth tracking estimate to 3.4% from 3.8% in the latest update. Industrial production and housing data were drags that were softened by today's durable goods orders report.
From the release:
"The forecast of third-quarter real GDP growth fell 0.3 percentage points to 3.5 percent after the Federal Reserve Board's industrial production report on August 17 and the forecast of third-quarter real residential investment growth fell from 3.4 percent to -0.4 percent following the housing market data releases on August 23 and 24. The forecast of third-quarter real nonresidential equipment investment growth increased from 6.4 percent to 8.1 percent after this morning's durable manufacturing report from the U.S. Census Bureau."
The estimate has been tracking lower since debuting at 4% at the start of the month.
