U.S. Economy Projected to Grow 3.7 Percent in Third Quarter: Atlanta Fed, According to Reuters

The U.S. economy is projected to grow at an annualized rate of 3.7 percent in the third quarter, according to the latest data on wholesale inventories from the Atlanta Federal Reserve’s GDP Now forecast model.

This new estimate reflects a slight decline from the previous figure of 3.8 percent reported last Friday. The Commerce Department revealed that wholesale inventories for June increased by 0.3 percent, revising an earlier estimate of no change. Additionally, May’s inventory figures were adjusted upwards to indicate a 0.2 percent rise, rather than the previously reported 0.1 percent gain.

The unexpected increase in inventories for June prompted the Atlanta Fed to reduce its estimate for the contribution of inventory investment to third-quarter GDP growth from 0.93 percentage points to 0.82 percentage points.