The Atlanta Fed GDPNow estimate for 2nd quarter growth rose to 2.7% from 1.8% on May 1 as a result of her recent economic releases.
In their own words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2023 is 2.7 percent on May 4, up from 1.8 percent on May 1. After recent releases from the US Census Bureau, the US Bureau of Economic Analysis, and the Institute for Supply Management, the nowcasts of second-quarter real personal consumption expenditures growth and second-quarter real gross private domestic investment growth increased from 1.3 percent and 1.0 percent, respectively, to 2.1 percent and 2.7 percent, while the nowcast of the contribution of the change in real net exports to second-quarter real GDP growth decreased from 0.38 percentage points to 0.31 percentage points.
The next estimate will be released on May 8.
The Atlanta Fed estimate for the 1st quarter nailed the advanced GDP release announced last week (their final estimate came in at 1.1% while the advanced GDP was at the same exact level). Of course, the estimate for the growth does fluctuate up and down, but for now, growth is looking solid.
