Atlanta Fed keeps U.S. fourth-quarter GDP growth view at 3.1 percent

November 9, 2016 11:33 AM EST

Traders work the floor of the New York Stock Exchange in New York, January 27, 2016. REUTERS/Brendan McDermid

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NEW YORK (Reuters) - The U.S. economy is on track to grow at a 3.1 percent annualized pace in the fourth quarter following data on wholesale inventories in September, the Atlanta Federal Reserve's GDP Now forecast model showed on Wednesday.

The latest fourth-quarter GDP estimate was unchanged from the figure calculated on Nov. 4, the Atlanta Fed said on its website.

The Commerce Department said on Wednesday domestic wholesale inventories grew 0.1 percent in September, less than the 0.2 percent increase forecast among economists polled by Reuters.

The forecast of the contribution of U.S. inventory investment to fourth-quarter GDP growth increased to 0.50 percentage point from 0.46 percentage point, the Atlanta Fed said.

(Reporting by Richard Leong; Editing by Andrew Hay)

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