In World Economy News 09/01/2016
The U.S. economy is on track to grow 0.8 percent in the fourth quarter after data showed a steeper-than-forecast 0.3 percent fall in wholesale inventories in November, the Atlanta Federal Reserve’s GDPNow forecast model showed on Friday.
That pace is slower than the regional Fed’s prior estimate of 1.0 percent growth on Wednesday, the Atlanta Fed said on its website.
The regional central bank’s model estimated the drag from falling inventories likely subtracted 0.8 percentage point to the gross domestic product in the fourth quarter, compared with a forecast of a 0.6 point drag on Wednesday.
Source: Reuters (Reporting by Richard Leong)
