Atlanta Fed Lowers Q1 GDP Growth Estimate To 2.9%

(RTTNews) - The Atlanta Fed reduced the first quarter economic growth estimate on Wednesday after the release of ISM survey results and official data.

The GDPNow model estimate for real GDP growth in the first quarter was cut to 2.9 percent from to 3.9 percent forecast on February 3.

"After recent releases from the Institute for Supply Management, the US Bureau of Economic Analysis, and the US Census Bureau, the nowcasts of first-quarter real personal consumption expenditures growth and real gross private domestic investment growth decreased from 4.1 percent and 6.5 percent, respectively, to 3.0 percent and 5.2 percent," the Atlanta Fed said.

The next GDPNow update is scheduled for February 7, Friday.