On August 29, 2019, the Commerce Department issued its revised seasonally adjusted annual rate of GDP growth. The rate was lowered from 2.1% to 2.0%, somewhat lower than the annual rate of 3.1% in the first quarter. Inflation remained tame, at an annual rate of 1.7% for the Core figure which excludes the volatile energy and food sectors.
Looking ahead, the Federal Reserve Bank of Atlanta’s GDPNow model is forecasting an annual growth rate of 2.1% for the September quarter.