The Atlanta Federal Reserve revised its U.S. growth estimate for the second quarter on Wednesday. This adjustment, attributed to increased estimates in personal consumption and investment, follows the latest housing and industrial production reports released earlier that day.
The GDPNow model, which provides a seasonally adjusted annual estimate of real GDP growth based on current economic data, raised its second-quarter growth prediction to 2.7 percent, up from the 2.5 percent forecasted on July 16.
According to the Atlanta Fed, "Following this morning's housing starts report from the U.S. Census Bureau and the industrial production report from the Federal Reserve Board of Governors, the nowcasts of second-quarter real personal consumption expenditures growth and second-quarter real gross private domestic investment growth increased from 2.1 percent and 7.7 percent, respectively, to 2.2 percent and 8.9 percent."
The subsequent GDPNow update is scheduled for Wednesday, July 24.
