NEW YORK (Reuters) - The U.S. economy is on track to grow at a 3.7 percent annualized rate in the third quarter in the wake of the latest data on wholesale inventories, the Atlanta Federal Reserve's GDP Now forecast model showed on Tuesday.
The latest third-quarter GDP estimate was slightly slower than the 3.8 percent figure calculated on Friday, the Atlanta Fed said on its website.
On Tuesday, the Commerce Department said wholesale inventories for June rose 0.3 percent after having been initially estimated as unchanged. Inventories for May were adjusted higher to show a 0.2 percent rise instead of the previously reported 0.1 percent gain.
The unexpected inventory increase in June led the Atlanta Fed's forecast program to lower the estimated contribution from inventory investment to third-quarter GDP growth to 0.82 percent point from a prior estimate of 0.93 point.
(Reporting by Richard Leong; Editing by Chizu Nomiyama)