Atlanta Fed: GDPNow for second quarter of 2019 drops to 1.1% from 1.6%

"The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2019 is 1.1% on May 15, down from 1.6% on May 9," the Federal Reserve Bank of Atlanta said in its latest GDPNow report.

"After this morning’s retail sales and inventories releases from the U.S. Census Bureau and this morning’s industrial production report from the Federal Reserve Board of Governors, the nowcasts of second-quarter real consumer spending growth and second-quarter real gross private domestic investment growth decreased from 3.2 percent and -3.7 percent, respectively, to 3.0 percent and -5.7 percent, respectively."