Since our last weekly publication, 2Q GDP tracking is up one-tenth to 2.0% q/q saar. The increase largely results from a lower-than-expected June CPI print. [July 12th estimate]
emphasis added
From Goldman:
We lowered our Q2 GDP forecast to +1.8% (qoq ar). [July 8th 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 2.0 percent on July 10, up from 1.5 percent on July 3. After last Friday’s employment report from the Bureau of Labor Statistics and this morning’s wholesale trade report from the US Census Bureau, the nowcasts of second-quarter real personal consumption expenditures growth and second-quarter real gross private domestic investment growth increased from 1.1 percent and 6.5 percent, respectively, to 1.5 percent and 7.6 percent. [July 10th estimate]