Atlanta Fed: GDPNow estimate for real GDP growth in Q3 drops to 4.4% from 5%

"The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2018 is 4.4 percent on August 3, down from 5.0 percent on August 1," the Federal Reserve Bank of Atlanta announced on Friday.

• After this morning's data releases, the nowcasts of third-quarter real consumer spending growth and third-quarter real private fixed investment growth declined from 3.4 percent and 5.9 percent, respectively, to 2.9 percent and 4.2 percent, respectively.
• These declines more than offset an increase in the nowcast of the contribution of inventory investment to third-quarter real GDP growth from 1.80 percentage points to 1.95 percentage points.