Atlanta Fed: GDPNow model forecast for real GDP growth in Q3 eases to 3.2%

"The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2017 is 3.2 percent on September 1, down from 3.3 percent on August 31," the Federal Reserve Bank of Atlanta said on Friday.

Key quotes:

• The forecasts of third-quarter real consumer spending and nonresidential equipment investment growth increased from 2.8 percent and 6.1 percent to 3.0 percent and 7.1 percent, respectively, after this morning's Manufacturing ISM Report On Business from the Institute for Supply Management and the employment report from the U.S. Bureau of Labor Statistics.
• These increases were more than offset by declines in the forecasted growth rates of real government spending and real nonresidential structures investment from 0.2 percent and 2.6 percent to -0.7 percent and -3.3 percent, respectively, after the employment report and this morning's construction spending release from the U.S. Census Bureau.