Atlanta Fed cuts Q3 GDPNow forecast to 2.9% from 3.2%

Just over a month ago, the Atlanta Fed was forecasting 4% growth in the third quarter but that's slowly tracked lower and is now below 3%. Today's update lowered the tracker to 2.9% from 3.2%.
"The forecast of third-quarter real consumer spending growth declined from 3.0 percent to 2.7 percent after yesterday's light vehicle sales release from the U.S. Bureau of Economic Analysis. The forecast of the contribution of net exports to third-quarter real GDP growth increased from -0.24 percentage points to -0.14 percentage points after this morning's international trade release from the U.S. Census Bureau and the BEA," the statement said.