Atlanta Fed's GDPNow drops to 2.7% from 2.9% for first quarter of 2020

The real gross domestic product (GDP) in the United States is expected to expand by 2.7% in the first quarter of 2020, the Federal Reserve Bank of Atlanta said in its latest GDPNow report.

"The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2020 is 2.7% on February 7, down from 2.9% on February 5," the publication read. "After this morning's release of the employment report by the US Bureau of Labor Statistics and the wholesale trade report from the US Census Bureau, the nowcasts of first-quarter real personal consumption expenditures growth and first-quarter real gross private domestic investment growth decreased from 3.0% and 5.9%, respectively, to 2.9% and 5.0%, respectively."