Atlanta Fed's GDPNow for third quarter of 2019 ticks up to 2.3%

According to the latest GDPNow report published by the Federal Reserve Bank of Atlanta, the real GDP in the US is expected to expand by 2.3% in the third quarter of the year.

"The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2019 is 2.3% on August 26, up from 2.2% on August 16," Atlanta Fed said.

"After this morning’s advance durable manufacturing report from the U.S. Census Bureau, a decrease in the nowcast of the contribution of nonresidential equipment investment to the third-quarter real GDP growth from 0.30 percentage points to 0.26 percentage points was offset by an increase in the nowcast of the contribution of inventory investment to the third-quarter real GDP growth from -0.47 percentage points to -0.43 percentage points."