US: Atlanta Fed's GDPNow declines to 8.3% for Q1 after latest US data

The real gross domestic product (GDP) in the United States is expected to grow by 8.3%, down from 10% on March 1, in the first quarter of 2021, the Federal Reserve Bank of Atlanta's latest GDPNow report showed on Friday.

"After Monday's GDPNow update and subsequent releases from the US Census Bureau, the US Bureau of Economic Analysis and the Institute for Supply Management, the nowcasts of first-quarter real personal consumption expenditures and first-quarter real gross private domestic investment growth decreased from 8.8% and 18.7%, respectively, to 7.5% and 15.8%, respectively," the Atlanta Fed explained. "The nowcast of the contribution of the change in real net exports to first-quarter real GDP growth decreased from -0.86% to -1.10%."

Market reaction

The greenback continues to outperform its rivals after this report and the US Dollar Index was last seen gaining 0.4% on the day at 92.00.