The Atlanta Fed maintained its second-quarter economic growth forecast on Tuesday, driven by consumption and investment data.
The GDPNow model estimate for seasonally adjusted annual real GDP growth in the second quarter remains at 3.1 percent, unchanged from the June 7 estimate.
GDPNow offers a continuous estimate of real GDP growth based on current economic data for the quarter being measured.
Recent data has led to a slight decrease in the nowcast for second-quarter real personal consumption expenditures growth, moving from 2.8 percent to 2.5 percent. However, this was balanced by increases in the nowcasts for second-quarter real gross private domestic investment growth and real government spending growth, which rose from 7.7 percent and 2.4 percent, respectively, to 8.8 percent and 2.5 percent, according to the Atlanta Fed.
"...the nowcast of the contribution of the change in real net exports to second-quarter real GDP growth increased from 0.68 percentage points to 0.75 percentage points."
The next GDPNow update is scheduled for Thursday, June 20.
