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The GDP Now model forecast for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2016 is 2.6 percent on July 1, down from 2.7 percent on June 29. The forecast for second-quarter real nonresidential structures investment growth increased from –7.3 percent to –4.2 percent after this morning's construction spending release from the U.S. Census Bureau. This was more than offset by declines in the forecasts of real residential investment growth from 1.7 percent to –3.7 percent and real state and local government expenditures growth from –0.4 percent to –1.1 percent after the same release.” – Pat Higgins, Economist, The Federal Reserve Bank of Atlanta.
Virginia Cooperative Extension materials are available for public use, reprint, or citation without further permission, provided the use includes credit to the author and to Virginia Cooperative Extension, Virginia Tech, and Virginia State University.
Issued in furtherance of Cooperative Extension work, Virginia Polytechnic Institute and State University, Virginia State University, and the U.S. Department of Agriculture cooperating. Edwin J. Jones, Director, Virginia Cooperative Extension, Virginia Tech, Blacksburg; M. Ray McKinnie, Administrator, 1890 Extension Program, Virginia State University, Petersburg.
July 14, 2016