US: Atlanta Fed's GDP forecast for Q2 at 3.6% on May 9, down from 4.2% on May 4.

The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2017 is 3.6 percent on May 9, down from 4.2 percent on May 4, said the Federal Reserve Bank of Atlanta on Tuesday.

Key quotes:

• The forecast for second-quarter real consumer spending growth and real private fixed investment growth declined from 3.0 percent and 6.9 percent to 2.7 percent and 5.3 percent, respectively, after the employment situation release by the U.S. Bureau of Labor Statistics on Friday
• The forecast of the contribution of inventory investment to second-quarter growth decreased from 1.11 percentage points to 0.99 percentage points after this morning's wholesale trade report from the U.S. Census Bureau