The Atlanta Fed GDPNow growth estimate for Q2 growth moved to 3.3% from 3.9% in its inaugural model value.
In their own words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2024 is 3.3 percent on May 1, down from 3.9 percent on April 26. 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, the nowcasts of second-quarter real personal consumption expenditures growth and second-quarter real gross private domestic investment growth decreased from 4.0 percent and 4.5 percent, respectively, to 3.1 percent and 4.0 percent, while the nowcast of the contribution of the change in real net exports to second-quarter real GDP growth increased from -0.05 percentage points to 0.01 percentage points.
The next GDPNow update is Thursday, May 2.
