Atlanta Fed hikes its Q3 GDP estimate to 1.4% vs. 1.3% previous

FXStreet (Mumbai) - The Federal Reserve Bank of Atlanta has increased its Q3 GDP forecast further, noting that the US economy is expected to grow 1.4% in the reported period after the country's businesses sharply hiked investment plans in July.

The official release quoted, “The GDP Now model forecast for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2015 was 1.4 percent on August 26, up from 1.3 percent on August 18."

A durable goods report on Wednesday showed orders for long-lasting manufactured goods rose 2% in July after a revised 4.1% gain in June. Markets expected the orders to drop 0.4%.