Atlanta Fed Lifts Q2 GDP Growth Forecast To 3.1%

(RTTNews) - The Atlanta Fed on Friday raised the U.S. growth estimate for the June quarter for a second time this week following the release of the better than expected payroll employment growth figures and wholesale trade data.

The GDPNow model estimate for seasonally adjusted annual real GDP growth in the second quarter was raised to 3.1 percent from 2.6 percent on June 6. The estimate was lowered to 1.8 percent on Monday.

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

"After this morning's employment situation release from the US 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 2.4 percent and 5.8 percent, respectively, to 2.8 percent and 7.7 percent," the Atlanta Fed said.

The next GDPNow update is due on June 18.