Atlanta Fed Raises Q2 GDP Growth Estimate To 2%

(RTTNews) - The Atlanta Fed lifted the second quarter growth estimate for the U.S. economy on Wednesday as forecasts for consumption and investment were raised following the release of the latest employment report and wholesale trade data.

The GDPNow model estimate for seasonally adjusted annual real GDP growth in the second quarter was raised to 2.0 percent from 1.5 percent predicted on July 3.

"After last Friday's employment report from the Bureau of Labor Statistics and this morning's wholesale trade report from the US Census Bureau, the nowcasts of second-quarter real personal consumption expenditures growth and second-quarter real gross private domestic investment growth increased from 1.1 percent and 6.5 percent, respectively, to 1.5 percent and 7.6 percent," the Atlanta Fed said.

GDPNow is a running estimate of real GDP growth based on available economic data for the current measured quarter.

The next GDPNow update is due on Tuesday, July 16.