Atlanta Fed’s GDPNow growth estimate for second quarter stands at 3.1%

The Atlanta Fed’s GDPNow growth estimate for the second quarter rises to 3.1% from 2.6% on June 6.

In their own words:

The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2024 is 3.1 percent on June 7, compared to 2.6 percent on June 6. Following this morning’s employment situation release from the U.S. Bureau of Labor Statistics and this morning’s wholesale trade report from the U.S. Census Bureau, nowcasts of real personal consumption expenditure growth in the second quarter and second quarter Real gross private domestic investment growth during the quarter increased from 2.4 percent and 5.8 percent to 2.8 percent and 7.7 percent, respectively.

The next GDPNow update is Tuesday June 18.

The growth estimate reached 4.2% and 1.8% before beginning the final upward movement. At 3.1%, this still represents fairly strong growth.