Atlanta Fed estimates second-quarter GDPNow growth at 1.8%, up from 2.7% on May 31

The Atlanta Fed’s GDPNow growth estimate is expected to fall sharply to 1.8% from 2.7% on May 31.

In their own words:

The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2024 is 1.8 percent on June 3, down from 2.7 percent on May 31. After recent releases from the U.S. Census Bureau and the Institute for Supply Management, nowcasts for annualized growth in real personal consumption expenditures and growth in real private fixed investment in the second quarter have declined from 2.6 percent. percent and 3.1 percent, respectively, to 1.8 percent and 1.5 percent.

The next GDPNow update is Thursday June 6.