Today marks one month until the initial release of Q2 GDP and the Atlanta Fed model is taking down its estimate to 2.7% from 3.0% in light of today's economic data.
"After recent releases from the US Census Bureau, the US Bureau of Economic Analysis, and the National Association of Realtors, a decrease in the nowcast of the contribution of the change in real net exports to second-quarter real GDP growth from -0.56 percentage points to -0.95 percentage points was partially offset by an increase the nowcast of second-quarter real gross private domestic investment growth from 8.3 percent to 8.8 percent."
