Tags: atlanta | fed | gdp | economic | forecast | growth

Atlanta Fed Lowers Second-Quarter GDP View to 4.7 Percent

Atlanta Fed Lowers Second-Quarter GDP View to 4.7 Percent
(Dreamstime)

Tuesday, 19 June 2018 01:35 PM

The U.S. economy is growing at a 4.7 percent annualized rate in the second quarter, the Atlanta Federal Reserve’s GDPNow forecast model showed Tuesday.

The downgrade came as U.S. stocks fell on Tuesday and the Dow Jones Industrial Average turned negative for the year as a sharp escalation in U.S.-China trade dispute rattled the markets.

President Donald Trump, in an unexpectedly swift and sharp move, threatened to impose a 10 percent tariff on another $200 billion of Chinese goods and Beijing warned it would retaliate.

Trump said his move followed China’s decision to raise tariffs on $50 billion in U.S. goods, which came after U.S. announced similar tariffs on Chinese goods on Friday.

“The expanding trade war is turning into reality and as a result you have stocks under pressure. Except a few defensives that are outshining, there is real nervousness within the market,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

The latest estimate on gross domestic product growth was slower than the 4.8 percent pace estimated on June 14, the Atlanta Fed said.

The next GDPNow update is Wednesday, June 27.

© 2019 Thomson/Reuters. All rights reserved.

   
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Economy
The U.S. economy is growing at a 4.7 percent annualized rate in the second quarter, the Atlanta Federal Reserve’s GDPNow forecast model showed Tuesday.
atlanta, fed, gdp, economic, forecast, growth
188
2018-35-19
Tuesday, 19 June 2018 01:35 PM
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