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U.S. first quarter GDP growth expectations are jumping

Data: Federal Reserve Bank of Atlanta; Chart: Axios Visuals

The Atlanta Fed's GDPNow forecasting tool has been steadily increasing estimates of this year's first quarter GDP. The initial reading was an unimpressive 0.3% on March 1. The forecast is updated as pertinent economic data is released.

By the numbers: The most impactful readings were the March 22 U.S. wholesale trade and existing home sales reports, which increased the expected GDP reading from 0.6% to 1.2%, and the April 1 retail trade, ISM manufacturing and construction spending reports, which raised expectations from 1.7% to 2.1%.

Go deeper: The global push to reinvent GDP