The real gross domestic product (GDP) in the United States is expected to expand by 19.6% in the third quarter of 2020, the Federal Reserve Bank of Atlanta’s latest GDPNow report showed on Monday.
“The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2020 is 19.6% on August 3, up from 11.9% on July 31,” the Atlanta Fed noted in its publication. “After this morning’s Manufacturing ISM Report On Business from the Institute for Supply Management and the construction spending report from the US Census Bureau, the nowcasts of third-quarter real personal consumption expenditures growth and third-quarter real gross private domestic investment growth increased from 14.4% and -1.7%, respectively, to 22.4% and 11.1%, respectively.”
Market reaction
The US Dollar Index continues to consolidate its daily gains after this report and was last seen gaining 0.2% on a daily basis at 93.64.
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