The Federal Reserve Bank of Atlanta released new Growth Domestic Product projections Monday, predicting an increase in economic expansion.
"The growth rate of real gross domestic product (GDP) is a key indicator of economic activity, but the official estimate is released with a delay. Our GDPNow forecasting model provides a 'nowcast' of the official estimate prior to its release by estimating GDP growth using a methodology similar to the one used by the US Bureau of Economic Analysis," the new projection states. "The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2025 is 4.6 percent on June 2, up from 3.8 percent on May 30. After this morning’s releases from the US Census Bureau and the Institute for Supply Management, the nowcasts of second-quarter real personal consumption expenditures growth and real gross private domestic investment growth increased from 3.3 percent and -1.4 percent, respectively, to 4.0 percent and 0.5 percent."
The news comes just days after the U.S. hit record high oil production numbers and as personal income growth is soaring.
"President Donald J. Trump’s economic agenda is working: inflation is down, income is up, and the trade deficit just fell by the largest amount on record. Today’s economic report follows multiple robust jobs reports, below-expectation inflation reports, and a strong bump in consumer confidence," White House Press Secretary Karoline Leavitt released in a statement Friday. "President Trump continues to prove doomsday 'experts' wrong with his America First economic agenda that’s delivering for the American people."
The White House touted a list of good economic news at the briefing Tuesday.
.@PressSec: "Inflation dropped to 2.1% in April, personal income increased 0.8% in April. So, inflation is down and wages are up... We also saw the largest monthly decline in the trade deficit on record... The price of eggs has dropped more than 61% since President Trump took… pic.twitter.com/Vtp6Lq6Mn4
— Rapid Response 47 (@RapidResponse47) June 3, 2025
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