by Mike ‘Mish’ Shedlock
The initial estimate of the GDPNow Model for second-quarter GDP is -12.1%. That’s way too high.
The final GDPNow estimate for first-quarter GDP was -1.0%.
Yesterday, the BEA’s first estimate if first-quarter GDP was -4.8%, a huge miss for the model.
Looking ahead, the model is off to a bad start for the second quarter.