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“The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2019 is 1.6 percent on May 9, down from 1.7 percent on May 3,” the Federal Reserve Bank of Atlanta said in its latest GDPNow report.

“After this morning’s Producer Price Index release from the U.S. Bureau of Labor Statistics, and this morning’s wholesale trade report from the U.S. Census Bureau, the nowcast of the contribution of inventory investment to second-quarter real GDP growth decreased from -1.02 percentage points to -1.12 percentage points.”