The first official estimate of Q1 US GDP was -0.4% and now second quarter forecasts are falling.
It’s still very early but the latest forecast from the Atlanta Fed model is +1.8%, down from +2.2% on May 4 (both annualized q/q).
“After recent releases from the US Bureau of Labor Statistics and the US Census Bureau, the nowcast of second-quarter real gross private domestic investment growth decreased from -1.3 percent to -2.8 percent,” the release said.
Given the tone in markets lately, I can’t see the consumer or business sentiment improving in May-June. There’s still plenty of reason to believe in the US economy but every day that stocks plunge is another hit.