Atlanta Fed GDP now climbs to 4.2% versus 3.3% last time

The Atlanta Fed’s GDPNow growth estimate for the second quarter jumped to 4.2% from 3.3% last quarter. This is a considerable jump that underlines the solid growth of the economy and the cautious stance of the Fed.

IN their own words:

The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2024 is 4.2 percent on May 8, compared to 3.3% on May 2. Following recent releases from the U.S. Bureau of Economic Analysis, the U.S. Census Bureau, the Institute for Supply Management, and the U.S. Census Bureau, nowcasts of real personal consumption expenditures in the second quarter The growth in economic growth and real gross domestic investment in the second quarter increased from 3.2 percent and 4.1 percent, respectively, to 3.9 percent and 6.8 percent, while the nowcast contribution of the change in real net exports to real GDP growth in the second quarter decreased from -0.05 percentage points to -0.10 percentage points.

The next estimate will be May 15