Still one of the highest estimates for 2Q GDP growth
The Atlanta Fed is out with their latest estimate for second-quarter GDP growth.
Their GDPNow model now estimates that growth will come in at 4.7% versus 4.8% after their last estimate.
In their words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2018 is 4.7 percent on June 19, down from 4.8 percent on June 14. The nowcast of second-quarter real GDP growth decreased 0.2 percentage points after the Federal Reserve Board’s industrial production release on Friday, June 15, as a decline in the nowcast of real gross private domestic investment growth from 10.9 percent to 9.2 percent more than offset a slight increase in the nowcast of real consumer spending growth from 3.6 percent to 3.7 percent. After this morning’s new residential construction release from the U.S. Census Bureau, the nowcast of second-quarter real residential investment growth increased from 0.3 percent to 2.9 percent.
The Atlanta Fed is at the high end of GDP estimates. The NY Fed also estimates GDP and their last calculations see second-quarter GDP at 2.98% (from last Friday).
Guess which one the White House references when talking about the economy?