Atlanta Fed comes in with 1st Q2 estimate

See Q2 rebounding to 4.3%

The Atlanta Fed was below most estimates during the 1Q.  Their last estimate was 0.2%. The actual GDP came in at 0.7%.   They certainly were better than the NY Fed who estimated growth at 2.7%.  

Anyway, now that the Q1 is behind us, the Atlanta Fed will reset and start estimating Q2. Their first guesstimate comes in at a robust 4.3%.  

In their words:

The initial GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2017 is 4.3 percent on May 1. The advance estimate of first-quarter real GDP growth released by the U.S. Bureau of Economic Analysis on April 28 was 0.7 percent, 0.5 percentage points above the final GDPNow model nowcast released on the previous day.

The next GDPNow update is Thursday, May 4. 

The details to their first estimate is a bit light (they are taking a bow for being close to the 1Q actual perhaps), but the idea is the 1Q sluggishness, will allow for an easy target to beat in the 2Q.  It is still early, but the hope is out there.

PS The NY Fed"s Nowcasting estimate for the 2Q has a more modest gain of 2.3% (announced on Friday).  So the two Fed"s are still at odds with each other.  

Atlanta Fed comes in with 1st Q2 estimate
Atlanta Fed comes in with 1st Q2 estimate
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