WASHINGTON (dpa-AFX) - The Atlanta Fed on Friday lowered its GDP growth forecast for the first quarter, citing downgrades to projections for consumer spending and investment.
The Atlanta Fed GDPNow estimate for seasonally adjusted annual real GDP growth in the first quarter was lowered to 2.1 percent on March 1, down from 3.0 percent on February 29.
GDPNow is a running estimate of real GDP growth based on available economic data for the current measured quarter, the bank said.
'After this morning's construction spending release from the US Census Bureau and the Manufacturing ISM Report On Business from the Institute for Supply Management, the nowcasts of first-quarter real personal consumption expenditures growth and first-quarter real gross private domestic investment growth decreased from 3.0 percent and 3.0 percent, respectively, to 2.2 percent and 1.1 percent,' the Atlanta Fed said.
The next GDPNow update is due on March 6.
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