May 25, 2022 15:06 GMT
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- Atlanta Fed’s GDPNow is revised lower from 2.4% (May 18 update) to 1.8% annualized for Q2, back to where it was tracking in its earliest estimates for the quarter.
- This compares with the 3 percent consensus forecast of 57 economists and contributors last shown in a Bloomberg survey.
- Contributions show a growing drag from residential investment plus a larger drag from inventories (presumably of less concern), whilst consumption is seen unchanged adding a solid 3.25pps to GDP.