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Atlanta Fed GDPNow Dips Below 1% For Q2

US
  • GDPNow revised lower to 0.89% in Q2 vs the 1.28% from the Jun 1 release.
  • The revision is led by softer consumer spending, revised down from contributing 2.99pps to 2.48pps to GDP growth.
  • Other drivers are broadly unchanged from what was already a soft Jun 1 estimate: the main drag is seen from changes in inventories (-1.6pps) plus a hit from residential investment (-0.4pps) after two quarters of very small positive contributions.

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