US: Atlanta Fed GDPNow for Q3 declines to 0.3%

According to the Federal Reserve Bank of Atlanta's GDPNow model, the US economy is expected to grow at an annualized rate of 0.3% in the third quarter, down from 0.5% in the previous estimate.

"After this morning's housing starts report from the US Census Bureau, the nowcast of third-quarter residential investment growth decreased from -20.8% to -24.5%," Atlanta Fed explained in its publication.

Market reaction

The US Dollar Index showed no immediate reaction to this report and was last seen rising 0.35% on the day at around 110.00.