The U.S. economy is growing at a 4.5 percent annualized rate in the second quarter following strong economic data, the Atlanta Federal Reserve’s GDPNow forecast model showed on Wednesday.

The latest estimate on gross domestic product growth was the same as Monday but faster than the 3.9 percent pace estimated a week ago, the Atlanta Fed said.

After the Federal Reserve Board of Governors' industrial production release on Wednesday, July 17, modest increases in the nowcasts of second-quarter real consumer spending growth and second-quarter real private fixed investment growth were offset by a decrease in the nowcast of second-quarter real private inventory investment.

The nowcast of second-quarter real residential investment growth inched down from 0.4 percent to 0.0 percent after this morning's new residential construction release from the U.S. Census Bureau.

The next GDPNow update is Thursday, July 26. 

By comparision, the New York Fed forecasts have been running much lower than Atlanta.

The New York Fed Staff Nowcast stands at 2.8% for the second quarter and 2.6% for the third quarter. That would follow just 2 percent growth in the first three months of the year.

Economists widely expect second-quarter growth to approach 4 percent after GDP rose 2 percent in the first quarter and 2.3 percent for all of Trump's first year in office in 2017, CNBC explained.

To be sure, White House economic adviser Larry Kudlow said Wednesday that "there's no recession in sight" for the American economy and that President Donald Trump "is on the right track" with his economic agenda.

"There's no recession in sight," Kudlow, who also served in the Reagan administration, told CNBC's Jim Cramer at the cable network's Delivering Alpha conference in New York.

"The American economy is in very good shape," said Kudlow, who was blunt in that he doesn't sense any economic trouble on the horizion. "I don't see it," said Kudlow, who worked as Reagan’s budget deputy between 1981 and 1985.

Kudlow also predicted robut economic growth for the near future. "We are getting 3 [percent] and it may be 4 for a quarter or two," said Kudlow, who served as the Trump campaign's senior economic adviser. "That's all for the good. Literally millions more people are working."

(Newsmax wire services contributed to this report).

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