The Atlanta Federal Reserve on Friday upgraded the U.S. growth estimate for the June quarter for the second time this week, following stronger-than-expected payroll employment growth and positive wholesale trade data.
The GDPNow model's estimate for seasonally adjusted annual real GDP growth in the second quarter was elevated to 3.1% from 2.6% on June 6, having been lowered to 1.8% earlier on Monday.
GDPNow provides an ongoing estimate of real GDP growth based on current economic data for the measured quarter, according to the bank.
"Following the US Bureau of Labor Statistics' employment report and the US Census Bureau's wholesale trade report this morning, the nowcasts for second-quarter real personal consumption expenditures growth and second-quarter real gross private domestic investment growth increased from 2.4% and 5.8%, respectively, to 2.8% and 7.7%," stated the Atlanta Fed.
The next GDPNow update is scheduled for June 18.
