The latest GDPNow foreast

"The forecast for second-quarter real consumer spending growth fell from 3.6 percent to 3.1 percent after this morning's employment report from the U.S. Bureau of Labor Statistics," the Atlanta Fed said. "The model's estimate of the dynamic factor for May-normalized to have mean 0 and standard deviation 1 and used to forecast the yet-to-be released monthly GDP source data-fell from 0.72 to 0.17 after the report."

They had just hiked the forecast to 4.0% from 3.8% yesterday.