The Atlanta Fed GDPNow Q2 growth estimate moves up to 2.4% from 2.3% on July 10. In their own words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2023 is 2.4 percent on July 18, up from 2.3 percent on July 10. After recent releases from the US Department of the Treasury’s Bureau of the Fiscal Service, the US Bureau of Labor Statistics, the US Census Bureau, and the Federal Reserve Board of Governors, increases in the nowcasts of second-quarter real personal consumption expenditures and real government spending growth from 1.2 percent and 2.4 percent, respectively, to 1.4 percent and 2.8 percent were partially offset by a decrease in the nowcast of second-quarter real gross private domestic investment growth from 10.5 percent to 9.4 percent, while the nowcast of the contribution of the change in real net exports to second-quarter real GDP growth increased from -0.72 percentage points to -0.67 percentage points.
The next estimate will be on Wednesday, July 19.
The high watermark for the Q2 growth came in at 2.9%. The low was at 1.6%.
This article was written by Greg Michalowski at www.forexlive.com. Source