The Federal Reserve Bank of Atlanta is projecting a slight increase over earlier estimates in U.S. Gross Domestic Product for the third quarter. The bank’s GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2019 is now 2.3 percent, up from 2.2 percent reported on August 16.
On its website, the bank noted that Monday’s advance report on durable manufacturing from the U.S. Census Bureau showed a decrease in the contribution of nonresidential equipment investment to the third-quarter real GDP growth. However, the decline was offset by an increase in inventory investment, according to analysts.The Atlanta Fed GDPNow estimate is a model-based projection and not an official forecast of the Federal Reserve System.