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Atlanta Fed GDPNow Firms Fractionally On Smaller Inventory Drag

US DATA
  • The Atlanta Fed GDPNow for Q2 has been revised up fractionally from a flat 0.0% at the prior Jun 16 estimate to an annualized +0.26%.
  • The main driver is a smaller inventory drag (contribution from -1.74 to -1.42), likely helped by the small beat in today’s preliminary durable goods report for May (core orders +0.5% vs +0.1% expected and shipments +0.8% vs +0.2%).
  • The consumption contribution held steady in the latest update at circa +1.8pps after taking repeated steps down as confidence slides with soaring inflation, having been eyed above 3pps in estimates this time last month.
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