Final GDP estimate before 2Q GDP tomorrow
The Atlanta Feds final estimate for 2Q GDP before the release tomorrow by the US Commerce Department came in at 2.8% up from 2.5% last week. The estimates for 2Q GDP is currently at 2.5% QoQ annualized, but there have been some upward revisions on the back of data today (see post here).
In their own words:
The final GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2017 is 2.8 percent on July 27, up from 2.5 percent on July 19. The forecast of the contribution of inventory investment to second-quarter growth increased from 0.54 percentage points to 0.82 percentage points after this morning's advance reports on durable manufacturing and wholesale and retail inventories from the U.S. Census Bureau.
Going forward to the 3Q, the Atlanta Fed posts:
The next GDPNow update will occur after the U.S. Bureau of Economic Analysis updates the "Underlying Detail" tables following the 2017 annual revision of the National Income and Product Accounts. The updated "Underlying Detail" tables are scheduled to be released by August 4.
