Forecasts a strong rebound from the Q1 1.2% gain.
The latest estimate for 2Q GDP growth from the Atlanta Fed, has it pegged at 4.0%. This is up from the 3.8% estimate released on May 30th.
In their words:
The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2017 is 4.0 percent on June 1, up from 3.8 percent on May 30. The forecasts for second-quarter real nonresidential structures investment growth and real government spending growth fell from 6.2 percent and -0.3 percent to 3.4 percent and -0.7 percent, respectively, after this morning's construction spending release from the U.S. Census Bureau. The forecasts for second-quarter real consumer spending growth and real nonresidential equipment investment growth increased from 3.3 percent and 5.1 percent to 3.6 percent and 6.6 percent, respectively, after this morning's Manufacturing ISM Report On Business from the Institute for Supply Management. 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-increased from 0.30 to 0.72 after the report.
The next estimate will be released on Friday, June 2nd. ON that day the NY Fed will release their estimate for GDP growth as well. Their most recent estimate is for a more modest 2.2% gain.
