(RTTNews) - The Atlanta Fed reduced the U.S. economic growth estimate for the fourth quarter on Thursday, citing recent official releases. The GDPNow model estimate for real GDP growth for the fourth quarter was lowered to 2.6 percent from 3.1 percent forecast on December 24.
"After recent releases from the US Census Bureau, the nowcast of fourth-quarter real gross private domestic investment growth decreased from 1.3 percent to -0.7 percent, while the nowcast of fourth-quarter real government expenditures growth increased from 2.6 percent to 2.9 percent," the Atlanta Fed said. GDPNow is a running estimate of real GDP growth based on available economic data for the current measured quarter.