US OUTLOOK/OPINION: Atlanta Fed GDPNow Rises To 4.6% For Q2
Jun-02 15:49
Despite soft-looking ISM Manufacturing and construction spending data this morning, the Atlanta Fed's GDPNow estimate for Q2 GDP growth picked up to 4.6% vs 3.8% Friday.
Of the 0.8pp upgrade, about 0.2pp can be attributed to higher equipment investment and another 0.5pp to stronger PCE consumption. "The nowcasts of second-quarter real personal consumption expenditures growth and real gross private domestic investment growth increased from 3.3 percent and -1.4 percent, respectively, to 4.0 percent and 0.5 percent."
The latest estimate is easily the highest yet for GDPNow this quarter, and would represent a very strong rebound from -0.2% in Q1. Detailed table below:
Source: Atlanta Fed
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