Atlanta Fed's GDPNow Q4 GDP forecast declines to 3.3%

"The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the fourth quarter of 2017 is 3.3 percent on November 3, down from 4.5 percent on November 1," the Federal Reserve Bank of Atlanta announced on Friday.

Key quotes

The forecasts of real consumer spending growth and real private fixed investment growth declined from 3.9 percent and 8.7 percent, respectively, to 3.2 percent and 6.0 percent, respectively, after this morning’s employment report from the U.S. Bureau of Labor Statistics.

The forecast of the contribution of inventory investment to fourth-quarter real GDP growth declined from 0.14 percentage points to -0.03 percentage points after this morning’s manufacturing report from the U.S. Census Bureau.