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GDPNow Dips But Still Strong Compared To Analysts

  • The Atlanta Fed GDPNow for Q2 has been revised down from 2.17% to 1.94% annualized after today’s construction spending data (including revisions) and the ISM manufacturing report.
  • It reverses a large part of the upward revision from the 1.8% at the Jun 27 update.
  • It compares with Bloomberg consensus of 1.2% although GS revised up its equivalent a tenth higher to 2.3% after today's data.

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