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Atlanta Fed estimates 52.8% GDP contraction this quarter

Christian Fernsby ▼ | June 2, 2020
The Federal Reserve Bank of Atlanta estimates the nation's economy will contract 52.8% in the current quarter.
Federal Reserve Bank of Atlanta
GDP   Federal Reserve Bank of Atlanta
The Atlanta Fed's latest estimate is down from a May 29 projection of -51.2% growth, and factors in the Institute of Supply Management's Monday report. The organization's purchasing managers' index stabilized to 43.1 from 41.5 in May, ticking slightly higher but still landing deep in contraction territory.

The Fed also considered the Census Bureau's recent construction report, which showed spending dropping 2.9% in April.

Second-quarter personal consumption expenditure growth slipped to -58.1% from -56.5%, the central bank said. Private domestic investment growth declined to -62.6% from -61.5%.