Atlanta Fed GDPNow initial estimate for Q2 growth at 1.7%

The initial model estimate for Q2 growth from the Atlanta for GDPNow model, comes in at 1.7%.

In their own words:

The initial 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 1.7 percent on April 28. The initial estimate of first-quarter real GDP growth released by the US Bureau of Economic Analysis on April 27 was 1.1 percent, equal to the final GDPNow model nowcast released on April 26 after rounding.

The next report will be announce on Monday.

On Wednesday, the final guesstimate for the 1Q growth came in at 1.1%. Yesterday the advance GDP report was reported, and it came in at 1.1%.

A broken clock is right 2 times a day, nevertheless, all credit goes to the economic staff at the Atlanta Fed for their GDP model. If anything the market will more closely monitor the data (and maybe react to it at times) now that they nailed it.

Congrats to Rafael Bostic and his staff at the Atlanta Fed.