Atlanta Fed raises Q3 GDP forecast to 1.1%

Trade and vehicle sales behind the revisions to the 'nowcast'

The Atlanta Fed raised its US growth tracking forecast to 1.1% for the third quarter from 0.9%.

"The model's nowcast of the third-quarter growth rate in real personal consumption expenditures increased 0.2 percentage points to 3.6 percent following yesterday's light motor vehicle sales release from the U.S. Bureau of Economic Analysis," they wrote. "After this morning's international trade report from the U.S. Census Bureau, the model nowcasts of real net exports and real equipment investment each increased modestly."

The consensus is around 2.5%.