The Federal Reserve Bank of Atlanta’s GDPNow model estimate was revised slightly upward on Tuesday.
In the second quarter, the U.S. economy is projected to advance 1.9 percent, up from 1.8 percent in the previous week.
From the Atlanta Fed Bank:
“The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2023 is 1.9 percent on June 20, up from 1.8 percent on June 15. After this morning’s housing starts report from the US Census Bureau, the nowcast of second-quarter real residential investment growth increased from -2.1 percent to 2.2 percent.”
It would not be surprising if the regional central bank’s estimate is slashed the night before the Bureau of Economic Analysis releases the official data like in the first quarter.
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