Investing.com – The Federal Reserve Bank of Atlanta left its estimate for growth in the U.S. economy for the first quarter of 2016 unchanged on Tuesday after last Thursday’s release of the consumer price index and a report earlier in the day on new residential construction.
Specifically, the Atlanta Fed reiterated its U.S. Q1 GDP growth estimate of 0.3%, unchanged from the prior forecast published on April 13.
“After last Thursday's Consumer Price Index release from the U.S. Bureau of Labor Statistics, the forecast for first-quarter real consumer spending growth ticked up from 1.8% to 1.9%,” the Atlanta Fed explained.
They added that Tuesday’s report on new residential construction from the U.S. Census Bureau and the Department of Housing and Urban Development caused their forecast for real residential investment growth to decline from 9.0% to 8.5%.