Retail sales have been flat for the past year, while industrial production has been declining since the start of 2019. Both went down in April:
This caused the Atlanta Fed’s GDP Nowcast to plummet. They’re now forecasting GDP growth of 1.1 percent for the second quarter:
This is hardly final. The official GDP estimate for Q2 is still a couple of months away. Still, it’s kind of meh news.
