The Atlanta Fed’s closely watched “nowcast” of second-quarter growth was upgraded sharply, though it’s still below the Wall Street consensus. The GDPNow model forecast for real GDP growth was 1.9%, up from 1.1% on June 3, due to retail sales and motor-vehicle sales. The GDPNow forecast is constructed by aggregating statistical model forecasts of 13 subcomponents that comprise GDP.
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