More good news…

The Atlanta Fed raised their estimate of second quarter GDP growth to 4.8%.

The growth rate of real gross domestic product (GDP) is a key indicator of economic activity, but the official estimate is released with a delay. Our GDPNow forecasting model provides a “nowcast” of the official estimate prior to its release by estimating GDP growth using a methodology similar to the one used by the U.S. Bureau of Economic Analysis.

GDPNow is not an official forecast of the Atlanta Fed. Rather, it is best viewed as a running estimate of real GDP growth based on available data for the current measured quarter. There are no subjective adjustments made to GDPNow—the estimate is based solely on the mathematical results of the model.

Recent forecasts for the GDPNow model are available here. More extensive numerical details—including underlying source data, forecasts, and model parameters—are available as a separate spreadsheet.

TRENDING: OUTRAGEOUS! Ohio State University President Sends Ignorant Text Message to Students Following Breonna Taylor Decision -- And a Crazy-Ass Video!

Latest forecast: 4.8 percent — June 14, 2018

The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2018 is 4.8 percent on June 14, up from 4.6 percent on June 8. After this morning’s retail sales release from the U.S. Census Bureau, the nowcast of second-quarter real personal consumption expenditures growth increased from 3.4 percent to 3.6 percent.