Growth Staying on Track..

Latest estimate: 2.2 percent — June 07, 2023

The Fed’s GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2023 is 2.2 percent on June 7, up from 2.0 percent on June 1. After recent releases from the US Census Bureau, the Institute for Supply Management, and the US Bureau of Labor Statistics, an increase in the nowcast of the contribution of the change in real net exports to second-quarter real GDP growth from -1.05 percentage points to -0.73 percentage points and increases in the nowcasts of second-quarter real gross private domestic investment growth and second-quarter real government spending growth from 7.9 percent and 2.4 percent, respectively, to 8.9 percent and 2.7 percent were partly offset by a decrease in the nowcast of second-quarter real personal consumption expenditures growth from 1.8 percent to 1.4 percent.