The Atlanta Fed GDPNow growth estimate for 2Q comes in at 2.6% versus 2.7% previously. This will be the last model report for the 2Q. smart 8:30 AM, the advanced GDP will be released. The survey of economists estimates a lower value at 2.0%.
In their own words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2024 is 2.6 percent on July 24, down from 2.7 percent on July 17. After recent releases from the US Census Bureau and the National Association of Realtors, a decrease in the nowcast of second-quarter real gross private domestic investment growth from 8.9 percent to 7.7 percent was partially offset by an increase the nowcast of the contribution of the change in real net exports to second-quarter real GDP growth from -0.75 percentage points to -0.65 percentage points.
The high for the estimates was near 4.2% reached back in early May. The low was near 1.5% reached in early July before rebounding higher over the last few weeks.
This article was written by Greg Michalowski at www.forexlive.com. Source