Atlanta Fed GDPNow growth estimate for Q2 rises to 3.1%

The Atlanta Fed GDPNow growth estimate for Q2 rises to 3.1% from 2.6% on June 6

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 7, up from 2.6 percent on June 6. After this morning’s employment situation release from the US Bureau of Labor Statistics and this morning’s wholesale trade report from 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 2.4 percent and 5.8 percent, respectively, to 2.8 percent and 7.7 percent.

The next GDPNow update is Tuesday, June 18.

The growth estimate was as high as 4.2%, and as low as 1.8% before starting the last move back to the upside. At 3.1% that is still pretty strong growth.

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