Atlanta Fed Raises Q2 GDP Growth Estimate To 2.7%

The Atlanta Fed lifted the U.S. growth estimate for the second quarter on Wednesday, citing upgrades to personal consumption and investment estimates following the release of the latest housing and in...

RTT Staff Writer•Thursday, July 18, 2024•1 min read

The Atlanta Fed lifted the U.S. growth estimate for the second quarter on Wednesday, citing upgrades to personal consumption and investment estimates following the release of the latest housing and industrial production data earlier in the day.

The GDPNow model estimate for seasonally adjusted annual real GDP growth in the second quarter was raised to 2.7 percent from 2.5 percent predicted on July 16.

GDPNow is a running estimate of real GDP growth based on available economic data for the current measured quarter.

“After this morning’s housing starts report from the US Census Bureau and 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 Atlanta Fed said.

The next GDPNow update is due on Wednesday, July 24.