Atlanta Fed GDPNow estimate for 2Q GDP
The Atlanta Fed GDPNow estimate for 2Q GDP growth was cut to 1.3% from 1.5% on July 1. The estimate is down from a peak of 2.1% just a few week's ago. The trade report today and factory orders reports contributed to the negative revision.
In their own words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2019 is 1.3 percent on July 3, down from 1.5 percent on July 1. After this morning's international trade release from the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, and this morning's manufacturing report from the Census Bureau, the nowcasts of the contributions of net exports and inventory investment to second-quarter real GDP growth decreased from -0.42 percentage points and -0.92 percentage points, respectively, to -0.55 percentage points and -1.02 percentage points, respectively.
Although employment is out on Friday, the next estimate will not be released until July 10th.
