Atlanta Fed Raises US Q-3 GDP Growth View to 2.0%

Atlanta Fed Raises US Q-3 GDP Growth View to 2.0%

Atlanta Fed Raises US Q-3 GDP Growth View to 2.0%

$DIA, $SPY, $QQQ, $VXX

The US economy is on track to grow at a 2.0% annualized pace in the third quarter following the latest data on government expenditures, the Atlanta Federal Reserve’s GDP Now forecast model showed on Wednesday.

Its latest Q-3 GDP estimate was higher than the 1.9% increase calculated on 14 October, the Atlanta Fed said on its website.

The Atlanta Fed also revised its forecast on federal spending in the third quarter to a 0.3% increase from a prior estimate of a 0.1% decrease.

Last Friday, the Bureau of Fiscal Services said in its Treasury Monthly Statement that federal outlays in October totaled $347.58-B, compared with $274.39-B in September and $334.43-B a year earlier.

The Atlanta Fed had steadily reduced its forecast for Q-3 US growth as a result of weaker-than-projected data on business and consumer sectors.

Back in August, its initial projection on Q-3 GDP growth was 3.6%. Shortly afterward, it peaked at 3.8% and hit a low of 1.9% last Friday.

Wednesday, the US Major stock market indexes finished at: DJIA +40.68 at 18202.62, NAS Comp +2.58 at 5246.42, S&P 500 +4.69 at 2144.29

Volume: Trade was moderate with 778.3-M/shares exchanged in the NYSE

  • Russell 2000 +7.7% YTD
  • S&P 500 +4.9% YTD
  • NAS Comp +4.8% YTD
  • DJIA +4.5% YTD
HeffX-LTN Analysis for DIA: Overall Short Intermediate Long
Neutral (0.06) Neutral (0.06) Neutral (0.08) Neutral (0.04)
HeffX-LTN Analysis for SPY: Overall Short Intermediate Long
Neutral (-0.11) Bearish (-0.29) Neutral (-0.17) Neutral (0.12)
HeffX-LTN Analysis for QQQ: Overall Short Intermediate Long
Bullish (0.30) Neutral (0.11) Bullish (0.38) Bullish (0.42)
HeffX-LTN Analysis for VXX: Overall Short Intermediate Long
Bearish (-0.36) Bearish (-0.32) Bearish (-0.40) Bearish (-0.38)

Stay tuned…

 

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