Atlanta Fed: GDPNow model forecast for real GDP growth in Q3 is 4%

"The initial GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2017 is 4.0 percent on August 3," the Federal Reserve Bank of Atlanta said on Thursday. 

Key quotes:

• The advance estimate of second-quarter real GDP growth released by the U.S. Bureau of Economic Analysis on July 28 was 2.6 percent, 0.2 percentage points below the final GDPNow model nowcast released on the previous day.
• The GDPNow model projects inventory investment will contribute 1.13 percentage points to real GDP growth in the third quarter; inventory investment subtracted 0.02 percentage points from growth in the second quarter.