Atlanta Fed GDPNow estimate for 2Q growth comes in at 2.0%

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 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 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.