The Atlanta Fed GDP Now estimate for Q1 growth falls to 2.8% from 3.5%

The estimate is down from the March 1 estimate of 3.5%

The Atlanta Fed GDP Now estimate for GDP growth in the 1st quarter, has fallen to 2.8% from 3.5% as reported on March 1.

In their own words:

"The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2018 is 2.8 percent on March 7, down from 3.5 percent on March 1. The nowcasts of first-quarter real consumer spending growth and first-quarter real nonresidential equipment investment growth declined from 2.9 percent and 10.1 percent, respectively, to 2.6 percent and 6.9 percent, respectively, after the light vehicle sales release from the U.S. Bureau of Economic Analysis on March 2. The nowcast of the contribution of net exports to first-quarter real GDP growth declined from -0.43 percentage points to -0.59 percentage points after this morning's international trade release from the U.S. Census Bureau."

The next estimate will be published on Friday, March 9 after the US employment report.