The Atlanta Fed's latest GDP growth estimate for the second quarter comes in at 2.7%, down from 3.5% on May 24.
In their own words:
The GDP model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2024 is 2.7% on May 31, down from 3.5% on May 24. Following recent releases from the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, the decline in the nowcast forecast for real personal consumption expenditures growth in the second quarter from 3.4 percent to 2.6 percent was partially offset by an increase in the nowcast forecast for real aggregate private domestic investment growth in the second quarter. From 5.1 percent to 6.3 percent, while the immediate forecast for real personal consumption spending growth in the second quarter is from 5.1 percent to 6.3 percent. The contribution of the change in real net exports to real GDP growth in the second quarter decreased from -0.06 percentage points to -0.60 percentage points.
GDPNow's next update is Monday 3 June.
This article was written by Greg Michalowski at www.forexlive.com.