Atlanta Fed lowers Q2 GDPNow estimate to negative territory
The Atlanta Fed's
model sees Q2 real GDP growth of -1.0% as of June 30, down from +0.3% on June 27.
If that negative print comes to fruition, there would be two straight quarters of negative real GDP growth (-1.6% in Q1) making it a technical recession.
Similarly, the IHS Markit tracking estimate for Q2 GDP growth has been in a steady decline since the beginning of June. The latest is -0.7% as of June 30 compared with over +2.0% in the beginning of June.