Atlanta Fed pares U.S. third-quarter GDP view to 3.5 percent

August 12, 2016 11:56 AM EDT

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NEW YORK (Reuters) - The U.S. economy is on track to grow at a 3.5 percent annualized rate in the third quarter following weaker-than-expected data on retail sales in July, the Atlanta Federal Reserve's GDP Now forecast model showed on Friday.

The latest third-quarter GDP estimate was lower than the 3.7 percent figure calculated on Tuesday, the Atlanta Fed said on its website.

(Reporting by Richard Leong)

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