The latest tracking estimate from the Atlanta Fed
At the start of August, the estimate was 4.0% but it's been steadily ticking lower. The latest round of data was a net negative.
"The forecasts of third-quarter real consumer spending and nonresidential equipment investment growth increased from 2.8 percent and 6.1 percent to 3.0 percent and 7.1 percent, respectively, after this morning's Manufacturing ISM Report On Business from the Institute for Supply Management and the employment report from the U.S. Bureau of Labor Statistics," the Atlanta Fed writes.
Big drags were estimate revisions to government spending and nonresidential structures investment after the jobs report and construction spending data.
