Still a healthy number for the 2Q
The Atlanta Fed GDPNow estimate for 2Q GDP growth is at 4.5% in its current model estimate. That is down from it's last estimate of 4.7%.
In their own words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2018 is 4.5 percent on June 27, down from 4.7 percent on June 19. The nowcast of real residential investment growth declined from 2.9 percent to 0.6 percent after the existing-home sales release from the National Association of Realtors on Wednesday, June 20, and the U.S. Census Bureau's releases on new-home sales and costs on Monday, June 25. After this morning's advance releases on durable manufacturing, inventories, and international trade in goods from the Census Bureau, the nowcasts of the contributions of inventory investment and net exports to second-quarter real GDP growth changed from 0.87 percentage points and 0.39 percentage points, respectively, to 0.46 percentage points and 0.66 percentage points, respectively.
The next estimate will be released on Friday
The 1st estimate of 2Q GDP won't be released until July 27th. So we still have a month to wait (and a number of other estimates between now and then).
