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“The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2019 is 1.7 percent on May 3, up from 1.2 percent on May 1,” the Federal Reserve Bank of Atlanta reported on Friday.

“After this morning’s Advance Economic Indicators release from the U.S. Census Bureau, and this morning’s employment report from the U.S. Bureau of Labor Statistics, the nowcast of the contribution of inventory investment to second-quarter real GDP growth increased from -1.52 percentage points to -1.02 percentage points.”