The Atlanta Fed GDPNow growth estimate for 2Q growth remain unchanged at 3.1%. IN their own words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2024 is 3.1 percent on June 18, unchanged from June 7 after rounding. After recent releases from the US Department of the Treasury’s Bureau of the Fiscal Service, the US Census Bureau, the US Bureau of Labor Statistics, and the Federal Reserve Board of Governors, a decrease in the nowcast of second-quarter real personal consumption expenditures growth from 2.8 percent to 2.5 percent was offset by increases in the nowcasts of second-quarter real gross private domestic investment growth and second-quarter real government spending growth from 7.7 percent and 2.4 percent, respectively, to 8.8 percent and 2.5 percent, while the nowcast of the contribution of the change in real net exports to second-quarter real GDP growth increased from 0.68 percentage points to 0.75 percentage points.
The next GDPNow update is Thursday, June 20.
This article was written by Greg Michalowski at www.forexlive.com. Source