Atlanta Fed's GDPNow edges higher to 20.5% for Q3 after Friday's data

The real gross domestic product (GDP) in the United States is expected to grow by 20.5%, up slightly from 20.3% on August 5th, in the third quarter of 2020, the Federal Reserve Bank of Atlanta's latest GDPNow report showed on Wednesday.

"After this morning's releases of the employment report by the US Bureau of Labor Statistics and the wholesale trade report from the US Census Bureau, an increase in the nowcast of third-quarter real government spending growth from 6.9% to 14.0% was partially offset by a decrease in the nowcast of third-quarter real personal consumption expenditures growth from 23.1% to 21.9%, and a decrease in the nowcast of third-quarter real gross private domestic investment growth from 12.2% to 9.5%," Atlanta Fed explained in its publication.

Market reaction

The US Dollar Index clings to decisive daily gains after this report and was last seen at 93.47, where it was up 0.75% on the day.