Just a couple weeks ago, the Atlanta Fed GDP growth estimate was near 1.5%. In its most recent calculation just released, the expected growth rate rose to 2.7% from 2.5% last. Growth goes from below trend to above trend in a short period of time.
IN their own words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2024 is 2.7 percent on July 17, up from 2.5 percent on July 16. After this morning's housing starts report from the US Census Bureau and industrial production report from the Federal Reserve Board of Governors, the nowcasts of second-quarter real personal consumption expenditures growth and second-quarter real gross private domestic investment growth increased from 2.1 percent and 7.7 percent, respectively, to 2.2 percent and 8.9 percent.
The next GDPNow update is Wednesday, July 24.
