Atlanta’s second-quarter GDP growth estimate was cut to 1.7% from 2.2% previously. In their words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2024 is 1.7 percent On July 1, growth slowed from 2.2% on June 28. Following data released this morning by the U.S. Census Bureau and the Institute for Supply Management, current forecasts for real personal consumption expenditure growth in the second quarter and real private GDP growth in the second quarter were lowered from 1.8% and 8.7%, respectively, to 1.5% and 6.9%.
The next update to GDPNow is: Wednesday, July 3.