The initial reading for Q2 growth from the Atlanta Fed GDPNow model comes in at 3.9%. There is a long way to go before that actual advanced GDP number is finalized (three months).
In Q1, the Atlanta Fed’s predictive powers were tarnished a bit after forecasting 2.7% growth. The actual growth rate reported yesterday was 1.6%.
In their own words today:
The initial GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2024 is 3.9 percent on April 26. The initial estimate of first-quarter real GDP growth released by the US Bureau of Economic Analysis on April 25 was 1.6 percent, 1.1 percentage points below the final GDPNow model nowcast released on April 24.
The next estimate will be released on May 1
This article was written by Greg Michalowski at www.forexlive.com.