Atlanta Fed’s second-quarter GDP growth estimate rises to 2.0% from 1.5%

The Atlanta Fed’s current estimate of GDP growth for the second quarter rose to 2.0% from 1.5% on July 3. The upward move ends a string of declines.

In their own words:

The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2024 is 2.0 percent July 10, up from 1.5 percent on July 3. Following last Friday’s jobs report from the Bureau of Labor Statistics and this morning’s wholesale trade report from the U.S. Census Bureau, the nowcasts for second-quarter real personal consumption expenditure growth and second-quarter real private gross domestic investment growth increased from 1.1 percent and 6.5 percent, respectively, to 1.5 percent and 7.6 percent.

The next GDPNow update is Tuesday July 16.