The latest GDPNow forecast from the Atlanta Fed released Thursday pegs second quarter Gross Domestic Product (GDP) at 2.1%.
The forecasting model first crossed the 2% mark on Wednesday.
Earlier this year, Wall Street had expected 1% growth in the first quarter, only to be wrong when the first estimate of GDP came in at 0.2% (later revised to -0.2%).
Unlike Wall Street, the Atlanta Fed nailed that forecast.
On Thursday, the Atlanta Fed also increased its forecast for second-quarter real consumption growth to 3% from 2.9%. It noted in its post that the improved Q1 GDP print factored into the forecast hike.
Data released today showing that consumer spending is roaring back to life also played a role. Personal spending rose 0.9% in May, the highest level since August 2009.
