Atlanta Fed Retains Q2 GDP Growth Estimate At 3.1%

(RTTNews) - The Atlanta Fed kept its second quarter economic growth estimate unchanged on Tuesday, citing the consumption and investment data.

The GDPNow model estimate for seasonally adjusted annual real GDP growth in the second quarter was 3.1 percent, unchanged from the estimate released on June 7.

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

Following the release of recent data, "a decrease in the nowcast of second-quarter real personal consumption expenditures growth from 2.8 percent to 2.5 percent was offset by increases in the nowcasts of second-quarter real gross private domestic investment growth and second-quarter real government spending growth from 7.7 percent and 2.4 percent, respectively, to 8.8 percent and 2.5 percent," the Atlanta Fed said.

"...the nowcast of the contribution of the change in real net exports to second-quarter real GDP growth increased from 0.68 percentage points to 0.75 percentage points."

The next GDPNow update is due on Thursday, June 20.