Down a little but still above the Trump magical 3% number
With 2Q GDP up to 3% now, the Atlanta Fed is forecasting that the 3Q will be just as good (if not a little better).
There latest projection is that the 3Q GDP is tracking 3.3%. That is down from 3.4% but still above the 3% target that would get President Trump excited (look for the references).
In their words:
The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2017 is 3.3 percent on August 31, down from 3.4 percent on August 25. The forecasts of the contributions of net exports and inventory investment to third-quarter GDP growth changed from -0.03 and 0.79 percentage points to -0.22 and 0.93 percentage points, respectively, following Monday's Advance Economic Indicators Report from the U.S. Census Bureau and revisions to second-quarter GDP and the accompanying underlying detail tables by the U.S. Bureau of Economic Analysis released yesterday and today.
We won't have to wait long for the next report. That will come tomorrow after the US NFP report.
PS. The NY Fed will release their latest forecast for 3Q GDP tomorrow as well. Their model is not so bullish on the economy. Last week they had 3Q growth at 1.9%.
