Decline comes off of the housing start data release this morning
The Atlanta Fed GDPNow 3Q growth model, now sees GDP at 6.1% versus 6.2% previously.
In their own words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2021 is 6.1 percent on August 18, down from 6.2 percent on August 17. After this morning's housing starts report from the U.S. Census Bureau, the nowcast of third-quarter real residential investment growth decreased from 3.4 percent to 3.0 percent.
The next GDPNow update is Wednesday, August 25. Please see the "Release Dates" tab below for a list of upcoming releases.