Atlanta Fed's GDPNow dropped to 1% for fourth quarter from 1.1%

According to the latest GDPNow report published by the Federal Reserve Bank of Atlanta, the real gross domestic product (GDP) in the United States (US) following today's macroeconomic data releases expected to expand by 1% in the last quarter of the year, lower than the 1.1% reported on November 1st. 

"Following data releases by the U.S. Bureau of Economic Analysis, the U.S. Census Bureau, and the Institute for Supply Management, the nowcasts of fourth-quarter real personal consumption expenditures growth and fourth-quarter real gross private domestic investment growth decreased from 2.2 percent and -2.5 percent, respectively, to 2.1 percent and -2.7 percent, respectively," Atlanta Fed explained.