The Atlanta Fed GDPNow estimate for 2Q growth falls to 2.9% from 3.2%

GDP estimate for 2Q

The Atlanta Fed is out with their latest estimate for 2Q GDP and they now see growth at 2.9% vs 3.2% from their last reading.'

In their words:

"The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2017 is 2.9 percent on June 16, down from 3.2 percent on June 14. The forecast for second-quarter real residential investment growth decreased from 1.8 percent to 0.4 percent after this morning's housing starts release from the U.S. Census Bureau. The forecast of the contribution of net exports to second-quarter growth declined from -0.23 percentage points to -0.34 percentage points after yesterday's Import/Export Price Index release from the U.S. Bureau of Labor Statistics."

The next GDPNow update is Monday, June 26.