Atlanta Fed: GDPNow model forecast for real GDP growth in Q3 is 3.7%

"The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2017 is 3.7 percent on August 4, down from 4.0 percent on August 3," the Federal Reserve Bank of Atlanta said on Thursday. 

Key quotes:

• The forecasts of third-quarter real consumer spending growth and real fixed investment growth declined from 3.0 percent and 5.2 percent to 2.8 percent and 4.1 percent, respectively, after this morning's employment report from the U.S. Bureau of Labor Statistics.
• The model's estimate of the dynamic factor for July—normalized to have mean 0 and standard deviation 1 and used to forecast yet-to-be released monthly GDP source data—decreased from 0.64 to 0.27 after the report.