Second-Quarter U.S. GDP Forecasts Tumble on New Advance Data
- Previously unavailble figures on June inventories lead to cuts
- Wider trade gap also contributing to lowered expectations
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Some forecasts for second-quarter U.S. gross domestic product tumbled after a new report showed weaker inventories and a wider trade deficit in June.
Economists at JPMorgan Chase & Co. lowered their growth estimate to 1.7 percent from 2.2 percent, while the Federal Reserve Bank of Atlanta’s GDPNow projection declined to 1.8 percent from 2.3 percent. Others issued smaller reductions.