Atlanta Fed model points to GDP growth of 0.7% in fourth quarter of 2015

The US economy grew more slowly than previously thought in the final three months of 2015, according to the Federal Reserve bank of Atlanta.

Following Monday’s reports for spending on construction and the ISM’s manufacturing sector purchasing managers’ index, the regional Fed bank said its GDPNow model was predicting the US economy expanded at an annualised clip of just 0.7% in the fourth quarter of last year, down from the 1.3% pace estimated on 23 December.