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GDPNow Trimmed As Residential Investment Seen Returning To A Drag

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  • The Atlanta Fed’s GDPNow has marginally lowered its Q2 real GDP estimate to 3.5% annualized from 3.6% with the May 16 update.
  • The downward revision comes from real gross private domestic investment growth from 5.6% to 5.1%.
  • Specifically, that’s entirely from residential investment which is seen as a light drag (-0.1pps vs +0.1pps in the May 16 update) after existing and more notably new home sales data.
  • It follows three quarters of positive contributions, including +0.5pp, prior to which there were nine consecutive quarters with a drag to quarterly GDP growth worth an average -0.46pps.

Source: Atlanta Fed

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  • The Atlanta Fed’s GDPNow has marginally lowered its Q2 real GDP estimate to 3.5% annualized from 3.6% with the May 16 update.
  • The downward revision comes from real gross private domestic investment growth from 5.6% to 5.1%.
  • Specifically, that’s entirely from residential investment which is seen as a light drag (-0.1pps vs +0.1pps in the May 16 update) after existing and more notably new home sales data.
  • It follows three quarters of positive contributions, including +0.5pp, prior to which there were nine consecutive quarters with a drag to quarterly GDP growth worth an average -0.46pps.

Source: Atlanta Fed