NEW YORK (Reuters) - The U.S. economy is growing at a 4.3 percent annualized rate in the third quarter, the Atlanta Federal Reserve's GDPNow forecast model showed on Wednesday following the release of the July data on retail sales and industrial output.
This was unchanged from the growth rate calculated by the regional Fed's forecast program on Aug. 9.
The model raised its forecast on personal consumption expenditures growth in the third quarter to 3.1 percent from 2.9 percent after the July figures on retail sales.
The Commerce Department said domestic store sales grew 0.5 percent last month, more than the 0.1 percent increase forecast among analysts polled by Reuters.
On the other hand, the GDPNow program downgraded nonresidential structures investment growth for the current quarter to a 1.6 percent decrease from an earlier 3.0 percent increase following the release of a report on July factory production earlier on Wednesday.
Industrial output edged up 0.1 percent in July, less than a 0.3 percent rise projected by economists.
Reporting by Richard Leong; Editing by Chizu Nomiyama and Bill Trott
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