It's easy-come-easy-go for the Atlanta Fed's GDP tracker as it rose to 2.2% from 1.8% on Friday and now has given most of that back in a dip to 1.9%.
The first look at Q2 GDP is due on July 27 but, as a reminder, the numbers are revised many times. Just last week, the Q1 number was boosted to 2.0% from 1.4%.
The catalyst for the latest downgrade was today's ISM report:
"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 nowcast of second-quarter real gross private domestic investment growth decreased from 10.4 percent to 8.8 percent."
