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Atlanta Fed GDPNow Pushes Further Above Analyst Consensus

US DATA

The Atlanta Fed GDPNow has been revised up to 2.2% from 1.8% as of Jun 27. It leaves it further above the 1.2% currently seen as Bloomberg consensus although GS had earlier this week also increased its tracker 0.4pps to 2.2%.

  • Real personal consumption expenditures growth tracker revised up from 0.9% to 1.1%. It’s surprising considering the weakness in today’s PCE data although likely helped by strong momentum from yesterday’s surprise upward revisions for Q1.
  • Real gross private domestic investment growth tracker revised up from 8.6% to 10.4%.
  • Against this, the drag from real net exports was increased from -0.71pps to -0.75pps.

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