Financial News: Atlanta Fed Cuts Q2 GDP Growth Forecast To

Atlanta Fed Cuts Q2 GDP Growth Forecast To 1.8%

06/03/2024 - 13:13:00 (RTTNews)

(RTTNews) - The Atlanta Fed lowered the growth estimate for the second quarter on Monday citing recent economic data.

The GDPNow model estimate for seasonally adjusted annual real GDP growth in the second quarter was lowered to 1.8 percent from 2.7 percent projected on May 31.

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

"After recent releases from the US Census Bureau and the Institute for Supply Management, the nowcasts for annualized second-quarter real personal consumption expenditures growth and real private fixed investment growth declined from 2.6 percent and 3.1 percent, respectively," the Atlanta Fed said.

The next GDPNow update is due on June 6.

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