NEW YORK (Reuters) - The U.S. economy is on track to grow at a 2.4 percent annualized pace in the fourth quarter following the latest data on trade, inventory and consumer spending, the Atlanta Federal Reserve’s GDP Now forecast model showed on Wednesday.
The latest fourth-quarter gross domestic product estimate was slower than the 3.6 growth rate calculated on Nov. 23, the Atlanta Fed said on its website.
The Atlanta Fed forecast model showed the combined contributions of net exports and inventory investment to fourth-quarter GDP fell to 0.18 of a percentage point from 0.61 of a percentage point following last Friday’s advance inventory and trade data for October from the U.S. Census Bureau.
Its forecast on fourth-quarter consumer spending growth declined to 2.2 percent from 3.0 percent after Wednesday’s Commerce Department report on October personal income and spending.
The report said personal spending grew 0.3 percent in October, less than than 0.5 percent increase forecast among analysts polled by Reuters.
Reporting by Richard Leong; Editing by Chizu Nomiyama and W Simon