Atlanta Fed GDPNow growth estimate for Q2 down to 3.8%

The Atlanta Fed GDPNow growth estimate for Q2 down to 3.8% from 4.2% previously. In their own words:

The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2024 is 3.8 percent on May 15, down from 4.2 percent on May 8. After recent releases from the US Department of the Treasury’s Bureau of the Fiscal Service, the US Bureau of Labor Statistics, and the US Census Bureau, a decrease in nowcast of second-quarter real personal consumption expenditures growth from 3.9 percent to 3.2 percent was slightly offset by an increase in the nowcast of second-quarter real gross private domestic investment growth from 6.8 percent to 7.3 percent.

The next GDPNow update is Thursday, May 16.

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