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“The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2019 is 1.2% on May 1, down from 1.3% on April 29,” the Federal Reserve Bank of Atlanta said on Wednesday.

Key quotes

“The nowcast of the contribution of real personal consumption expenditures to second-quarter real GDP growth inched down from 2.22 percentage points to 2.18 percentage points after this morning’s Manufacturing ISM Report On Business from the Institute for Supply Management.”

“The model’s estimate of the dynamic factor for April””normalized to have mean 0 and standard deviation 1 and used to forecast the yet-to-be released monthly GDP source data””declined from -0.15 to -0.22 after the ISM report this morning.”