Off The Wire
Atlanta Fed trims U.S. third-quarter GDP growth forecast to 4.3 percent
NEW YORK (Reuters) - The U.S. economy is growing at a 4.3 percent annualized rate in the third quarter, following the latest data on producer prices and wholesale inventories, the Atlanta Federal Reserve’s GDPNow forecast model showed on Thursday.
That was slightly slower than the 4.4 percent pace calculated by the regional Fed’s forecast program on Aug. 3.
The Atlanta Fed’s GDPNow model pared its estimate on inventory investment growth to gross domestic product in the third quarter to 1.91 percentage points from 1.95 points.
The U.S. Commerce Department said earlier on Thursday domestic wholesale inventories had notched up 0.1 percent in June instead of holding unchanged as it originally reported.
Meanwhile, the Labor Department said U.S. producer prices were unchanged in July for the first time in seven months. Analysts polled by Reuters had projected a 0.2 percent increase from June.
Reporting by Richard Leong; Editing by Bernadette Baum and Meredith Mazzilli