The Atlanta Fed GDP now growth estimate rose to 2.9% from 2.4% yesterday in its final reading.
If you take out trade (added 0.5%) and inventory, the data is less strong than first look.
Net exports were the largest driver of growth, as declining imports improved the trade balance. Trade added 5 bps to GDP.
Consumer spending rose modestly (+1.4%), with gains in both goods and services. The first quarter was at 0.5%
Private domestic demand (real final sales) slowed to 1.2% annualized, down from 1.9% in Q1.
Investment was weak overall—residential investment plunged ~10%, partially offset by strength in tech and intellectual property.
Inventories detracted from growth after boosting Q1 GDP, as firms unwound stockpiles.
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