Atlanta Fed GDPNow estimate for Q2 growth remains unchanged at 3.2% (or is it 3.3%)

The Atlanta Fed GDPNow growth estimate for Q2 remains unchanged 3.2% after data this morning. In their own words:The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2024 is 3.3 percent on May 2, unchanged from May 1 after rounding. After this morning’s international trade report from the US Census Bureau and the US Bureau of Economic Analysis and the M3-2 manufacturing report by the US Census Bureau, increases in the nowcasts of second-quarter real personal consumption expenditures growth and second-quarter real gross private domestic investment growth from 3.1 percent and 4.0 percent, respectively, to 3.2 percent and 4.1 percent were offset by a decrease in the nowcast of the contribution of the change in real net exports to second-quarter real GDP growth 0.01 percentage points to -0.05 percentage points.The next GDPNow update is Wednesday, May 8. This article was written by Greg Michalowski at www.forexlive.com.