1Q GDP was revised down by three-tenths to 1.3% q/q saar, which was broadly in line with our expectations. Meanwhile, our estimate of 2Q GDP ended up unchanged at 1.8% q/q saar from a week ago. [May 31st estimate]
emphasis added
From Goldman:
The consumption details in this morning’s report indicate weak spending momentum to start the quarter, and we lowered our Q2 GDP tracking estimate by 0.4pp to +2.8% (qoq ar) and our domestic final sales estimate by the same amount to +2.1%. [May 31st estimate]
And from the Altanta Fed: GDPNow
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2024 is 2.7 percent on May 31, down from 3.5 percent on May 24. After recent releases from the US Census Bureau and the US Bureau of Economic Analysis, a decrease in the nowcast of second-quarter real personal consumption expenditures growth from 3.4 percent to 2.6 percent was partly offset by an increase in the nowcast of second-quarter real gross private domestic investment growth from 5.1 percent to 6.3 percent, while the nowcast of the contribution of the change in real net exports to second-quarter real GDP growth decreased from -0.06 percentage points to -0.60 percentage points. [May 31st estimate]