The U.S. economy is forecast to have grown by just 0.3 percent in the second quarter, says the Federal Reserve Bank of Atlanta.
According to the regional central bank’s closely watched GDPNow estimate, this is slightly up from the previous week’s projection of 0 percent. Despite the slight uptick, this is still well below the peak of around 2.5 percent in the middle of May.
“After recent releases from the Federal Reserve Board of Governors, the National Association of Realtors, and the US Census Bureau, the nowcast of second-quarter real gross private domestic investment growth increased from -9.0 percent to -8.1 percent,” the Atlanta Fed Bank said in a statement….