The Atlanta Fed estimate for 1Q growth
The Atlanta Fed is out with their most recent estimate for first-quarter growth. They now see growth at 2.4% versus 2.3% in the last forecast. In their own words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2019 is 2.4 percent on April 17, up from 2.3 percent on April 8. After this morning's international trade report from the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, the nowcast of the contribution of net exports to first-quarter real GDP growth increased from 0.20 percentage points to 0.50 percentage points, and the nowcast of first-quarter real nonresidential equipment investment growth decreased from 4.8 percent to 2.1 percent.
Their estimate is above the Blue Chip consensus which is around 1.3% (see chart above).
The next estimate from the Atlanta Fed will be tomorrow.
