US: Atlanta Fed GDPNow for Q2 drops to -1% from +0.3%

According to the Federal Reserve Bank of Atlanta’s GDPNow model, the US economy is expected to contract by 1% in the second quarter, down from the June 27 forecast of +0.3%.

“After recent releases from the US Bureau of Economic Analysis and the US Census Bureau, the nowcasts of second-quarter real personal consumption expenditures growth and real gross private domestic investment growth decreased from 2.7% and -8.1%, respectively, to 1.7% and -13.2%, respectively, while the nowcast of the contribution of the change in real net exports to second-quarter GDP growth increased from -0.11 percentage points to 0.35 percentage points,” Atlanta Fed explained in its publication.