Monthly GDP declined 0.2% in May, following a 0.2% decline in April that was revised down from 0.0%. The May reading reflected declines in net exports and nonfarm inventory investment, partially offset by an increase in domestic final sales. Averaged over April and May, monthly GDP was essentially unchanged from the first-quarter average at an annual rate. Implicit in our latest tracking estimate of 0.6% annualized growth of GDP in the second quarter is a 0.6% increase (not annualized) in June. Roughly ¾ of the assumed rise in June is accounted for by PCE and net exports.