The Atlanta Fed GDPNow growth estimate for Q2 jumped to 4.2% versus 3.3% last. That is a big jump and underscores the solid growth in the economy and the Fed’s cautious stance.
IN their own words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2024 is 4.2 percent on May 8, up from 3.3 percent on May 2. After recent releases from the US Bureau of Economic Analysis, the US Census Bureau, the Institute for Supply Management, and the US Census Bureau, the nowcasts of second-quarter real personal consumption expenditures growth and second-quarter real gross private domestic investment growth increased from 3.2 percent and 4.1 percent, respectively, to 3.9 percent and 6.8 percent, while the nowcast of the contribution of the change in real net exports to second-quarter real GDP growth decreased from -0.05 percentage points to -0.10 percentage points.
The next estimate will be on May 15
This article was written by Greg Michalowski at www.forexlive.com. Source