Atlanta’s GDP growth estimate for the second quarter is now 2.6% versus 2.7% previously. This will be the last modeled report for the second quarter. At 8:30 a.m., advanced GDP will be released. Economists’ survey estimates a lower figure of 2.0%.
In their own words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2024 is 2.6 percent On July 24, down from 2.7 percent on July 17. Following recent releases from the U.S. Census Bureau and the National Association of Realtors, the decline in the current forecast for real private domestic investment growth in the second quarter from 8.9 percent to 7.7 percent was partially offset by an increase in the current forecast for the contribution of real net exports to real GDP growth in the second quarter from -0.75 percentage points to -0.65 percentage points.
The highest estimate was 4.2% in early May, while the lowest was 1.5% in early July before rising again over the past few weeks.