The Atlanta Federal Reserve famously nailed gross domestic product in the first quarter.
In an update to their GDPNow tracker on Tuesday, the Atlanta Fed maintained its forecast that the economy grew 1.9% in the second quarter.
Their forecast actually ticked up to 2% on Monday, after industrial production data, but Tuesday’s housing starts data brought that estimate down slightly.
The Atlanta Fed noted that the release showed a boost to estimates for real investment in petroleum and natural gas wells, and forecasts for auto inventories.
But after the housing starts data on Tuesday, the GDP nowcast moved back to 1.9%.
Data from the Census Bureau showed that housing starts fell more than expected, 11.1% to an annualized pace of 1.04 million.
Despite that, it still looks like the economy is getting back on track.
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