⬆️ GDP nowcast: Q2, 2024: +2.5% (actual +2.8%!)
US economic growth really picked up in the last half of Q2
2nd quarter GDP was just released: +2.8% growth! This was much better than predicted. My last published nowcast was for +2.1% growth, but if I had gotten around to publishing the latest model output last week (thanks, COVID), it would have predicted +2.5% growth. Not a bad nowcast!
1st quarter was pretty weak, so this is a welcome bounce back. Other nowcasts did a much better job predicting Q2, as well:
New York Fed Staff Nowcast for Q2, 2024: +2.0%
Atlanta Fed GDPNow for Q2, 2024: +2.8% (they nailed it!)