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Here's the final forecast for GDP from the economists that nailed the number last time

Galileo
Galileo

(Wikimedia Commons)

The Atlanta Fed's GDPNow model has pegged its final estimate of second-quarter Gross Domestic Product (GDP) growth at 2.4%.

And this matters for one big reason: the Atlanta Fed nailed it in Q1.

Ahead of April's first estimate of Q1 GDP, the Atlanta Fed's tracker had forecast growth of just 0.1% against Wall Street's estimate for 1% growth.

The number, as it turned out, initially showed the economy grew just 0.2% in the first quarter.

At 8:30 a.m. ET on Thursday, the Bureau of Economic Analysis will release its first estimate of Q2 GDP and a revision of the last quarter's print.

The consensus forecast for Q2 GDP among Wall Street economists is 2.5% according to Bloomberg, which is right in-line with the Atlanta Fed (which Wall Street now has in its sights after totally missing the mark to start the year).

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The Atlanta Fed's GDPNow tracker has steadily increased over the past few months, accounting for incoming data including employment numbers and consumer spending.

Here's the chart, good luck America:

Screen Shot 2015 07 29 at 8.30.11 AM
Screen Shot 2015 07 29 at 8.30.11 AM

(Bank of America Merrill Lynch)



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