The Atlanta for GDPNow model for 2Q growth tumbled to 1.9% from 2.9% previously. In their own words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2023 is 1.9 percent on May 26, down from 2.9 percent on May 17. After recent releases from the US Census Bureau, the US Bureau of Economic Analysis, and the National Association of Realtors, decreases in the nowcasts of second-quarter real net exports and second-quarter real gross private domestic investment growth were partially offset by increases in the nowcasts of second-quarter real personal consumption expenditures growth and second-quarter real government spending growth.
A look at the gainers and losers from the last report on May 23.
The next report will be on June 1
This article was written by Greg Michalowski at www.forexlive.com.