Atlanta Fed's GDPNow drops to 2.4% from 2.7% for first quarter of 2020

The real gross domestic product (GDP) in the United States is expected to expand by 2.4% in the first quarter of 2020, the Federal Reserve Bank of Atlanta said in its latest GDPNow report.

"After this week's data releases from the US Department of the Treasury's Bureau of the Fiscal Service, the US Bureau of Labor Statistics, the Federal Reserve Board of Governors, and the US Census Bureau, decreases in the nowcasts of first-quarter real personal consumption expenditures growth and first-quarter real gross private fixed investment growth were partially offset by increases in the nowcasts of first-quarter real government spending growth and the change in first-quarter real private inventory investment," Atlanta Fed explained in its publication.