Atlanta Fed revises Q2 GDP growth estimate up to 4.5% from 3.9%

"The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2018 is 4.5 percent on July 16, up from 3.9 percent on July 11," the Federal Reserve Bank of Atlanta announced on Monday.

"The nowcast of second-quarter real consumer spending growth increased from 2.7 percent to 3.1 percent after this morning's retail sales report from the U.S. Census Bureau," the bank said and added:

"The nowcast of second-quarter real federal government spending growth increased from 1.4 percent to 5.6 percent after the Monthly Treasury Statement release on Thursday, July 12, from the U.S. Department of the Treasury's Bureau of the Fiscal Service."