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Q2 GDP Tracking: Around 2%


From BofA: Personal spending came in slight below expectations and with a downward revision
in April. Overall, this decreased our personal consumption expenditure tracking estimate
for 2Q. After rounding, it left our 2Q US GDP tracking estimate unchanged at 1.5%. [June 30th estimate]
emphasis addedFrom Goldman: [W]e left our Q2 GDP tracking estimate unchanged at +2.2% (qoq ar). [June 30th estimate]And from the Altanta Fed: GDPNowThe GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2023 is 2.2 percent on June 30, up from 1.8 percent on June 27. [June 30th estimate]

Personal Income increased 0.4% in May; Spending increased 0.1%

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