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NY Fed GDPNowcast for Q2 climbs to 5.28% from 4.57%

Strong consumption drives the increase

We got 6.4% GDP growth in yesterday’s first look at US Q1 GDP. That will be revised but it will remain a great quarter.

Now the New York Fed is looking ahead with its Q2 GDP tracker and its latest estimate is 5.28%, up from 4.57% a week ago. That upgrade was entirely due to strong real personal consumption expenditures in today’s PCE report.

We’re three months away from any data but given the reopening momentum, I’ll take the ‘over’.

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