Down from 2.5% on Friday
The estimate for 1Q GDP growth from the Atlanta Fed tumbled to 1.9% from 2.5% on Friday.
In their words:
"The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2018 is 1.9 percent on March 14, down from 2.5 percent on March 9. After yesterday's Consumer Price Index release from the U.S. Bureau of Labor Statistics and this morning's retail sales report from the U.S. Census Bureau, the nowcast of first-quarter real personal consumption expenditures growth fell from 2.2 percent to 1.4 percent."
Remember at one point the Administration cheered the >5% reading (it was early in the quarter). This is the low point and certainly not the 3% that the administration would have liked to see (especially with the tax cuts in the rear view mirror now).
The next report will be release on Friday (the NY Fed NowCast estimate will also be released at that time). They estimates growth at 2.83% on Friday.
