US: Atlanta Fed's GDPNow rises to 10% for Q1 after Monday's data from US

The real gross domestic product (GDP) in the United States is expected to grow by 10%, up from 8.8% on February 26, in the first quarter of 2021, the Federal Reserve Bank of Atlanta's latest GDPNow report showed on Monday.

"After this morning's Manufacturing ISM Report On Business from the Institute for Supply Management and the construction spending report from the US Census Bureau, the nowcasts of first-quarter real personal consumption expenditures growth, first-quarter real gross private domestic investment growth, and first-quarter real government spending growth increased from 7.7%, 17.7% and 6.9%, respectively, to 8.8%, 18.7% and 9.1%, respectively," the Atlanta Fed explained in its publication.

Market reaction

The US Dollar Index showed no immediate reaction to this report and was last seen posting small daily gains at 90.96.