The U.S. economy is forecast to have grown by just 0.3 percent in the second quarter, the Federal Reserve Bank of Atlanta says.
According to the regional central bank’s closely watched GDPNow estimate, that’s slightly higher than the previous week’s projection of zero percent. Despite the slight uptick, this is still well below the peak of around 2.5 percent in the middle of May.
“After recent releases from the Federal Reserve Board of Governors, the National Association of Realtors, and the US Census Bureau, the nowcast of second-quarter real gross private domestic investment growth increased from -9.0 percent to -8.1 percent,” the Atlanta Fed Bank said in a statement.
The next update will be released on June 30.
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