The U.S. economy is growing at a 2.9 percent annualized pace in the second quarter based on data on May retail sales and consumer prices, the Atlanta Federal Reserve’s most recent GDP Now forecast model showed.
The latest second-quarter gross domestic product estimate was weaker than the previous reading of 3.2 percent calculated earlier last week, the Atlanta Fed said.
— Atlanta Fed (@AtlantaFed) June 16, 2017
“The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2017 is 2.9 percent on June 16, down from 3.2 percent on June 14. The forecast for second-quarter real residential investment growth decreased from 1.8 percent to 0.4 percent after this morning’s housing starts release from the U.S. Census Bureau. The forecast of the contribution of net exports to second-quarter growth