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Q2 GDP Forecasts: Probably Around 30% Annual Rate Decline

Summary:
Important: GDP is reported at a seasonally adjusted annual rate (SAAR). So a 30% Q2 decline is around 7% decline from Q1 (SA).From Merrill Lynch: We are tracking -5.2% qoq saar for 1Q GDP and expect a -30% qoq saar plunge in 2Q. [SAAR May 15 estimate]emphasis addedFrom the NY Fed Nowcasting ReportThe New York Fed Staff Nowcast stands at -31.1% for 2020:Q2. [May 15 estimate]And from the Altanta Fed: GDPNowThe GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2020 is -42.8 percent on May 15, down from -34.9 percent on May 8. [May 15 estimate]

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Important: GDP is reported at a seasonally adjusted annual rate (SAAR). So a 30% Q2 decline is around 7% decline from Q1 (SA).

From Merrill Lynch:
We are tracking -5.2% qoq saar for 1Q GDP and expect a -30% qoq saar plunge in 2Q. [SAAR May 15 estimate]
emphasis added
From the NY Fed Nowcasting Report
The New York Fed Staff Nowcast stands at -31.1% for 2020:Q2. [May 15 estimate]
And from the Altanta Fed: GDPNow
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2020 is -42.8 percent on May 15, down from -34.9 percent on May 8. [May 15 estimate]

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