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Atlanta Fed GDPNow Revised Back Down To 1.8% For Q2

US DATA
  • 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.
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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.