Monthly GDP jumped 0.7% in May following a 0.1% decline in April, which was revised down by two-tenths. About two-thirds of the May increase was accounted for by nonfarm inventory investment, which is estimated to have risen sharply in May following five monthly declines. Net exports and domestic final sales also contributed to the increase in May. Averaged over April and May, monthly GDP was 2.7% above the first-quarter average at an annual rate. Implicit in our forecast of 3.3% GDP growth in the second quarter is roughly no change in monthly GDP in June.