The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2018 is 3.9 percent on July 11, up from 3.8 percent on July 6. The nowcast of the contribution of inventory investment to second-quarter real GDP growth increased from 0.29 percentage points to 0.36 percentage points after this morning's Producer Price Index release from the U.S. Bureau of Labor Statistics and this morning's wholesale trade release from the U.S. Census Bureau.
It takes a mountain to budge Nowcast while GDPNow moves at whim. But both were quiet this week.
Mike "Mish" Shedlock