Atlanta Fed GDPNow dips further to 1.7%

The Atlanta Fed GDPNow estimate for Q1 growth fell to 1.7% from 2.5% on March 31. In their own words:

The GDPNow model estimate for real GDP GDP Gross Domestic Product (GDP) is the monetary value of all the goods and services produced within a country's borders in a specific period of time, typically a year. It is used to measure the economic activity and growth of a country. Periods shorter than a year are often presented in an annualized or year-over-year format.There are three ways to calculate GDP:The expenditure approach: GDP is calculated by adding up all the spending on goods and services within a country. This includes consumer s Gross Domestic Product (GDP) is the monetary value of all the goods and services produced within a country's borders in a specific period of time, typically a year. It is used to measure the economic activity and growth of a country. Periods shorter than a year are often presented in an annualized or year-over-year format.There are three ways to calculate GDP:The expenditure approach: GDP is calculated by adding up all the spending on goods and services within a country. This includes consumer s Read this Term growth (seasonally adjusted annual rate) in the first quarter of 2023 is 1.7 percent on April 3, down from 2.5 percent on March 31. 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, decreases in the nowcasts of first-quarter real personal consumption expenditures growth and first-quarter real gross private domestic investment growth from 4.6 percent and -7.3 percent, respectively, to 3.7 percent and -8.5 percent were slightly offset by an increase in the nowcast of first-quarter real government spending growth from 1.7 percent to 2.1 percent.

The next estimate will be released on Wednesday.