Cites better trade data from earlier today
Both Goldman and Barclays have raised their GDP 2Q tracker by 0.1% on the back of better trade today.
Goldman is tracking 3.8% from 3.7% last
Barclays is tracking 3.5% from 3.4% last.
Earlier today, the Atlanta Fed GDPNow estimate showed their estimate is at 4.5% (down from 4.8% on June 1.
In their 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 6, down from 4.8 percent on June 1. On Monday, June 4, the nowcasts for second-quarter real consumer spending growth and second-quarter real private nonresidential equipment investment growth decreased from 3.5 percent and 6.1 percent, respectively, to 3.3 percent and 4.3 percent, respectively, after a manufacturing report from the U.S. Census Bureau and the light vehicle sales release from the U.S. Bureau of Economic Analysis (BEA). This morning, the nowcast of the contribution of net exports to second-quarter real GDP growth inched down from 0.42 percentage points to 0.31 percentage points after the international trade release from the Census Bureau and the BEA.
No matter the source, the expectations are pointing for a >3% rebound in the Q2. The 1st quarter US GDP came in at 2.2% (released on May 30th).
