Atlanta Fed GDPNow estimate for 2Q growth
The Atlanta Fed GDPNow model estimate for Q2 growth comes in at 2.0%. That is marginally higher than the May 26th estimate. In their own words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2023 is 2.0 percent on June 1, up from May 26 after rounding. After this morning’s construction spending release from the US Census Bureau and the Manufacturing ISM Report On Business from the Institute for Supply Management, an increase in the nowcast of second-quarter real gross private domestic investment growth from 5.9 percent to 7.9 percent was partially offset by a decrease in the nowcast of second-quarter real personal consumption expenditures growth from 2.3 percent to 1.8 percent.
The next report will be reported on June 7.