Atlanta Fed GDP Now for 2Q growth is 3.1% unchanged from the last estimate.

The Atlanta Fed’s GDPNow growth estimate for the second quarter remains unchanged at 3.1%. 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 18, unchanged from June 7 after rounding. Following recent releases from the Bureau of the Internal Revenue Service of the United States Department of the Treasury, the United States Census Bureau, the United States Bureau of Labor Statistics, and the Board of Governors of the Federal Reserve, a decrease in nowcasts of growth in real personal consumption expenditures in the second quarter from 2.8 percent to 2.5 percent was offset by increases in nowcasts of real growth in private gross domestic investment in the second quarter and growth in real government spending in the second quarter from 7.7 percent and 2.4 percent, respectively, to 8.8 percent and 2.5 percent, while the nowcast The contribution of the change in real net exports to the Real GDP growth in the second quarter fell from 0.68 percentage points to 0.75 percentage points.

The next GDPNow update is Thursday June 20.