The Atlanta Fed's second-quarter GDP growth estimate rose to 3.1% from 2.6% on June 6.
In their own words:
The GDP model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2024 is 3.1 percent on June 7, up from 2.6 percent on June 6. Following the release of this morning's Employment Situation report from the US Bureau of Labor Statistics and according to the US Census Bureau's morning wholesale trade report, immediate expectations for real personal consumption expenditures growth in the second quarter and total real private domestic investment growth in the second quarter rose from 2.4 percent to 5 percent. 8 percent, respectively, to 2.8 percent and 7.7 percent.
GDPNow's next update is Tuesday 18 June.
Growth estimates were as high as 4.2%, and as low as 1.8% before the recent move back to the upside began. At 3.1% this is still very strong growth.
This article was written by Greg Michalowski at www.forexlive.com.
