Atlanta Fed downgrades U.S. third-quarter GDP view to 2.9 percent
- Wall Street flat as telecom gains fail to counter oil drop
- Equinix (EQIX) Announces $3.6B Acquisition of Data Center Portfolio from Verzion (VZ)
- Deal Progress Said to Slow as Johnson & Johnson (JNJ) Puts Actelion (ALIOY) Under Microscope - Source
- Trump Wants to Cancel New Air Force One Order with Boeing (BA)
- Roper Industries (ROP) to acquire Deltek in $2.8B Deal
Dennis Lockhart of the Atlanta Fed takes part in a panel convened to speak about the health of the U.S. economy in New York November 18, 2015. REUTERS/Lucas Jackson/File Photo
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
NEW YORK (Reuters) - The U.S. economy is on track to grow at a 2.9 percent annualized rate in the third quarter, the Atlanta Federal Reserve's GDP Now forecast model showed on Tuesday following the latest data on consumer prices and housing starts.
The latest third-quarter GDP estimate was lower than the 3.0 percent figure calculated on Sept. 15, the Atlanta Fed said on its website.
The forecast of third-quarter real residential investment growth remained at -6.3 percent following the August housing starts data released earlier on Tuesday.
U.S. housing starts slowed 5.8 percent to a seasonally adjusted annual pace of 1.14 million units in August, the Commerce Department said.
In the meantime, the projected third-quarter real consumer spending growth edged down to 3.0 percent from 3.1 percent after last Friday's release of the August Consumer Price Index.
The Labor Department said the CPI rose 0.2 percent last month after being unchanged in July.
Atlanta Fed's GDP forecast has fallen steadily on weaker-than-expected data since its initial forecast on third-quarter U.S. growth at 3.6 percent on Aug. 3.
(Reporting by Richard Leong; Editing by Chizu Nomiyama and Meredith Mazzilli)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- U.S. trade gap widens as exports of soybeans, other goods fall
- Labor Market Conditions Index 1.5 vs 0.2 Expected
- Fed's Kaplan sees rate hikes ahead, and no recession
Create E-mail Alert Related CategoriesEconomic Data, Fed, Reuters
Related EntitiesHousing Starts
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!