Atlanta Fed Atlanta Fed GDPNow Q2 growth estimate falls to 3.6% from 3.8% yesterday

The Atlanta Fed growth estimate for Q2 fell to 3.6% from 3.8% yesterday. In their own words:

The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2024 is 3.6 percent on May 16, down from 3.8 percent on May 15. After this morning’s releases from 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 gross private domestic investment growth from 7.3 percent to 5.6 percent was slightly offset by an increase in the nowcast of second-quarter real personal consumption expenditures growth from 3.2 percent to 3.4 percent, while the nowcast of the contribution of the change in real net exports to second-quarter real GDP growth increased from -0.09 percentage points to -0.06 percentage points.

The next Atlanta Fed GDPNow update will be Friday, May 24.

This article was written by Greg Michalowski at www.forexlive.com.