Various Federal Reserve Banks have revised their GDP growth estimates for the second quarter of 2024. The Atlanta Fed's GDPNow estimate has been lowered to 2.7% from 3.5%, with concerns about weak spending momentum and negative net exports. The New York Fed's Nowcast is also down to 1.76% from 2.04% last week.
ATL Fed's GDP nowcast for Q2 has tanked - down from 4.2% to 2.7% in less than 3 weeks; the forecast for consumer spending is way down, but likely will drop much further - they're still assuming robust growth in May and Jun which probably won't materialize: https://t.co/IdgfSO3c4R
US NY Fed GDP Nowcast Q2: 1.76% (prev 2.04%) https://t.co/iifr56gjf4 https://t.co/cHowEkah0z
The New York Fed Staff Nowcast for 2024:Q2 is 1.8%, down from 2% last week https://t.co/SAG5ESUOFB
GDPNow - Federal Reserve Bank of Atlanta https://t.co/JmF1YLCRVq
Atlanta Fed GDPNow marked lower https://t.co/jlaN9TeMEh
Atlanta Fed Q2 GDP estimate down to 2.7% from 3.5%. Was over 4% two weeks ago https://t.co/CJoZWKwrZa
Atlanta FED GDPNow revised from 3.5% to 2.66% There is for sure a decrease in PCE-services (we saw a revision of GDP consumption from 1.6% to 1.3% yesterday), but there is also a negative contribution of net exports. https://t.co/yDsR2kx9iA
Atlanta Fed GDPNow growth estimate for Q2 https://t.co/1SKRABOZW0
🇺🇸 United States Atlanta Fed GDPNow (Q2) $USD Actual: 2.7% 🔴 Expected: 3.5% Previous: 3.5%
Atl Fed GDPnow 2.7%, down from 3.5% on May 24 https://t.co/jrnkLdb9y8 https://t.co/Cqr9Gh7NB5
US Atlanta Fed GDPNow Q2: 2.7% (prev 3.5%) https://t.co/GIJHH2ZMsR https://t.co/veZixj3jFj
GOLDMAN: “.. The consumption details in this morning’s report indicate weak spending momentum to start the quarter, and we lowered our Q2 #GDP tracking estimate by 0.4pp to +2.8% ..” 🇺🇸 https://t.co/b4KqJhfDXh
FWIW Cleveland Fed nowcast for April core PCE (0.23) https://t.co/rXVhvW2twC
BofA: 1Q GDP tracking was revised down to 1.3% in its second estimate, and we are tracking 1.8% q/q growth in 2Q https://t.co/DYHEMbmtzk