The Atlanta Fed GDPNow growth estimate for Q2 falls to 1.7% from 2.2% previously. In their own words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2024 is 1.7 percent on July 1, down from 2.2 percent on June 28. After this morning’s releases from the US Census Bureau and the Institute for Supply Management, the nowcasts of second-quarter real personal consumption expenditures growth and second-quarter real gross private domestic growth decreased from 1.8 percent and 8.7 percent, respectively, to 1.5 percent and 6.9 percent.
The next GDPNow update is Wednesday, July 3.
This article was written by Greg Michalowski at www.forexlive.com. Source