US: Atlanta Fed's GDPNow edges down to 6% for Q1 after latest US data

The real gross domestic product (GDP) in the United States is expected to grow by 6%, down from 6.2% on April 7, in the first quarter of 2021, the Federal Reserve Bank of Atlanta's latest GDPNow report showed on Friday.

"After this morning’s wholesale trade release from the US Census Bureau and this morning’s report on producer prices from the US Bureau of Labor Statistics, the nowcast of the contribution of inventory investment to first-quarter real GDP growth decreased from -0.90 percentage points to -1.04 percentage points," the Atlanta Fed explained.

Market reaction

This report was largely ignored by market participants and the US Dollar Index was last seen posting modest daily gains at 92.17.