GDPNow 2Q17 -- Forecast 3.7% -- May 29, 2017

GDPNow: Latest forecast: 3.7 percent — May 26, 2017.

The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2017 is 3.7 percent on May 26, down from 4.1 percent on May 16. 

The forecast for second-quarter real residential investment growth fell from 8.3 percent to 3.1 percent after Tuesday's housing related releases from the U.S. Census Bureau and Wednesday's existing-home sales release from the National Association of Realtors.

Wow. And the scuttlebutt is that Americans want to buy real estate, but not enough new, affordable houses are being built to keep up with demand.

Next forecast: Tuesday, May 30, 2017.