The Atlanta Fed GDPNow growth estimate for Q2 has risen to 2.0% from 1.5% on July 3. The move to the upside snaps a series of declines.
In their own words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2024 is 2.0 percent on July 10, up from 1.5 percent on July 3. After last Friday’s employment report from the Bureau of Labor Statistics and this morning’s wholesale trade report from the US Census Bureau, the nowcasts of second-quarter real personal consumption expenditures growth and second-quarter real gross private domestic investment growth increased from 1.1 percent and 6.5 percent, respectively, to 1.5 percent and 7.6 percent.
The next GDPNow update is Tuesday, July 16.
This article was written by Greg Michalowski at www.forexlive.com.
