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

Stay tuned…

  Atlanta, business, consumers, DIA, economy, Fed, forecast, GDP, growth, market, QQQ, SPY, VXX, weak

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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