Down from 1.3% on April 29th
The Atlanta Fed GDPNow estimate for 2Q growth has dipped to 1.2% from 1.3% on April 29th.
In their own words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2019 is 1.2 percent on May 1, down from 1.3 percent on April 29. The nowcast of the contribution of real personal consumption expenditures to second-quarter real GDP growth inched down from 2.22 percentage points to 2.18 percentage points after this morning's Manufacturing ISM Report On Business from the Institute for Supply Management. The model's estimate of the dynamic factor for April-normalized to have mean 0 and standard deviation 1 and used to forecast the yet-to-be released monthly GDP source data-declined from -0.15 to -0.22 after the ISM report this morning.
The next report will, on Friday, May 3
