The U.S. economy grew at an annual rate of 1.4% in the first quarter and the second quarter looks about the same. The GDPNow forecast from the Atlanta Federal Reserve estimates 1.5% growth in the second quarter.

GDPNow is a running estimate of real GDP growth based on available economic data for the current measured quarter. The model estimates real GDP growth (seasonally adjusted annual rate) in the second quarter of 2024 is revised down from 1.7% on July 1. The latest model was revised down after reports from the U.S. Census Bureau, the U.S. Bureau of Economic Analysis, and the Institute for Supply Management.

The advanced second quarter GDP estimate from the Bureau of Economic Analysis will be published on July 25.