Atlanta Fed Retains Q4 GDP Growth Estimate At 3%

(RTTNews) - The Atlanta Fed left the U.S. fourth quarter economic growth estimate unchanged on Friday citing data released earlier in the day.

The GDPNow model estimate for real GDP growth for the fourth quarter was retained at 3.0 percent after it was raised from the January 9 forecast of 2.7 percent on Thursday.

GDPNow is a running estimate of real GDP growth based on available economic data for the current measured quarter.

"After this morning's releases from the US Census Bureau and the Federal Reserve Board of Governors, an increase in the nowcast of fourth quarter real personal consumption expenditures growth from 3.7 percent to 3.8 percent was offset by a decrease in the nowcast of the contribution of inventory investment to real GDP growth from -0.37 percentage points to -0.41 percentage points," the Atlanta Fed said.

The next GDPNow update is due on January 28.