Atlanta Fed: GDPNow rises to 4.7% from 4% for Q2

"The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2018 is 4.7 percent on May 31, up from 4.0 percent on May 25," the Federal Reserve Bank of Atlanta notes in its latest report.

Key takeaways

• The nowcast of second-quarter real consumer spending growth increased from 3.2 percent to 3.4 percent after this morning's personal income and outlays release from the U.S. Bureau of Economic Analysis (BEA).
• The nowcasts of the contributions of net exports and inventory investment to second-quarter real GDP growth increased from 0.17 percentage points and 0.76 percentage points, respectively, to 0.43 percentage points and 1.00 percentage points, respectively, after yesterday's Advance Economic Indicators release from the U.S. Census Bureau and the BEA's updates of first-quarter GDP and the National Income and Product Accounts tables released yesterday and today.