The Atlanta Fed maintains its estimate for second-quarter GDP growth at 3.1%

(RTTNews) – The Atlanta Fed on Tuesday kept its second-quarter economic growth estimate unchanged, citing consumption and investment data.

The GDPNow model’s estimate for seasonally adjusted annual real GDP growth in the second quarter was 3.1%, unchanged from the estimate released on June 7.

GDPNow is a current estimate of real GDP growth based on available economic data for the current measured quarter.

Following the release of recent data, “a decrease in the nowcast for growth in real personal consumption expenditures in the second quarter, from 2.8% to 2.5%, was offset by increases in the nowcast for growth in the second quarter.” real gross private domestic investment in the second quarter and real growth in gross private domestic investment in the second quarter. growth in government spending from 7.7 percent and 2.4 percent, respectively, to 8.8 percent and 2.5 percent,” the Atlanta Fed said.

“…the nowcast of the contribution of the change in real net exports to real GDP growth in the second quarter increased from 0.68 percentage points to 0.75 percentage points.”

The next GDPNow update is expected on Thursday, June 20.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.