The Atlanta Fed lowers its estimate for US GDP in the second quarter

The Federal Reserve Bank of Atlanta revised its real-time estimate of second-quarter U.S. GDP growth downward from 2.7% on May 31 to 1.8% on June 3.

The Atlanta Fed says its GDPNow index “provides a nowcast of the official estimate ahead of its release by estimating GDP growth using a methodology similar to that used by the U.S. Bureau of Economic Analysis.” The Atlanta Fed also changed its estimates for real growth in personal consumption expenditures and real growth in private fixed investment.