Atlanta Fed’s GDPNow growth estimate for the second quarter

The Atlanta Fed’s most recent GDPNow growth estimate for the second quarter stands at 2.7%, up from 3.5% on May 24.

In their own words:

The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2024 is 2.7 percent on May 31, down from 3.5 percent on May 24. Following recent releases from the US Census Bureau and the US Bureau of Economic Analysis, a decrease in the nowcast for growth in real personal consumption expenditures in the second quarter, from 3.4 percent to 2.6 percent, is expected. partly offset by an increase in the nowcast of real gross private domestic investment growth in the second quarter from 5.1 percent to 6.3 percent, while the nowcast contribution of the change real net exports to real GDP growth in the second quarter decreased from -0.06 percentage points to -0.60 percentage points.

The next GDPNow update is Monday 3rd june.