Q2 GDP Forecasts being Revised Down

From Merrill Lynch: Housing starts were a big disappointment in May, plunging 5.5% to 1,092k saar from 1,156k in April. ... Feeding the data into our tracking model sliced 0.1pp from our 2Q estimate, leaving us at 2.2% qoq saar . From the Altanta Fed: GDPNow The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2017 is 2.9 percent on June 16, down from 3.2 percent on June 14. The forecast for second-quarter real residential investment growth decreased from 1.8 percent to 0.4 percent after this morning's housing starts release from the U.S.......(read more)

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