Capitol Report: GDP estimates for second quarter come tumbling down

New York Fed
The New York Fed’s nowcast has gradually decelerated in the second quarter.

Stop if you’ve heard this story before — optimistic gross domestic product estimates at the start of a quarter aren’t looking as rosy by the end.

That’s what appears to be happening again after the latest wave of economic reports.

On Friday, the New York Fed said its “nowcast” has been reduced to 1.9% for the second quarter, down a tick from its last report, and from as high as 2.6% in April. A similar assessment from the Atlanta Fed called GDPNow fell to 2.4% from 2.6%, and is down from 4.3% in May.

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