The US economic outlook from the hottest forecasters around just keeps getting better
The US economic outlook from the hottest forecasters around just got bumped higher.
The latest GDPNow forecast from the Atlanta Fed released Thursday pegs second quarter Gross Domestic Product (GDP) at 2.1%.
The forecasting model first crossed the 2% mark on Wednesday.
Earlier this year, Wall Street had expected 1% growth in the first quarter, only to be wrong when the first estimate of GDP came in at 0.2% (later revised to -0.2%).
Unlike Wall Street, the Atlanta Fed nailed that forecast.
On Thursday, the Atlanta Fed also increased its forecast for second-quarter real consumption growth to 3% from 2.9%. It noted in its post that the improved Q1 GDP print factored into the forecast hike.
Data released today showing that consumer spending is roaring back to life also played a role. Personal spending rose 0.9% in May, the highest level since August 2009.