Atlanta Fed lowers US GDP forecast on auto sales data
Q2 growth seen at 2.7%, down from 3%
From the Federal Reserve of Atlanta:
The Atlanta Federal Reserve’s The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2017 is 2.7 percent on July 6, down from 3.0 percent on July 3.
The forecast of second-quarter real GDP growth fell 0.4 percentage points to 2.6 percent after yesterday morning’s auto sales release and manufacturing report from the U.S. Bureau of Economic Analysis and U.S. Census Bureau, respectively. The forecast of second-quarter real nonresidential equipment investment growth increased from 3.4 percent to 4.9 percent after this morning’s international trade release from the Census Bureau and the Bureau of Economic Analysis.