The Atlanta Fed’s GDPNow model has pegged its final estimate of second-quarter Gross Domestic Product (GDP) growth at 2.4%.
And this matters for one big reason: the Atlanta Fed nailed it in Q1.
Ahead of April’s first estimate of Q1 GDP, the Atlanta Fed’s tracker had forecast growth of just 0.1% against Wall Street’s estimate for 1% growth.
The number, as it turned out, initially showed the economy grew just 0.2% in the first quarter.
At 8:30 a.m. ET on Thursday, the Bureau of Economic Analysis will release its first estimate of Q2 GDP and a revision of the last quarter’s print.
The consensus forecast for Q2 GDP among Wall Street economists is 2.5% according to Bloomberg, which is right in-line with the Atlanta Fed (which Wall Street now has in its sights after totally missing the mark to start the year).
The Atlanta Fed’s GDPNow tracker has steadily increased over the past few months, accounting for incoming data including employment numbers and consumer spending.
Here’s the chart, good luck America: