After being just fractionally above the official Q1 GDP print which yesterday came in at 0.5%, moments ago the Atlanta Fed unveiled its first Q2 GDP estimate which it sees at 1.8%, roughly 0.5% below the sellside average estimate of 2.3%, and just in line with the lowest forecast.
Latest forecast: 1.8 percent — April 29, 2016
The first GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2016 is 1.8 percent on April 29. The final model nowcast for first-quarter real GDP growth was 0.6 percent, 0.1 percentage points above the advance estimate of 0.5 percent released on Thursday by the U.S. Bureau of Economic Analysis.
The next GDPNow update is Monday, May 2. Please see the "Release Dates" tab below for a full list of upcoming releases.
Considering the ongoing retrenchment among US consumer spending, which once again missed expectations and pushed the savings rate to match 3 year highs, we expect this number to be once again revised lower in the coming weeks.