Atlanta Fed: GDPNow revised down to 4.5% from 4.8%

"The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2018 is 4.5 percent on June 6, down from 4.8 percent on June 1," the Federal Reserve Bank of Atlanta said in the latest GDPNow report.

Key takeaways

"On Monday, June 4, the nowcasts for second-quarter real consumer spending growth and second-quarter real private nonresidential equipment investment growth decreased from 3.5 percent and 6.1 percent, respectively, to 3.3 percent and 4.3 percent, respectively, after a manufacturing report from the U.S. Census Bureau and the light vehicle sales release from the U.S. Bureau of Economic Analysis (BEA)."

"This morning, the nowcast of the contribution of net exports to second-quarter real GDP growth inched down from 0.42 percentage points to 0.31 percentage points after the international trade release from the Census Bureau and the BEA."