WASHINGTON (dpa-AFX) - The Atlanta Fed released its initial estimate for the third quarter growth based on its GDPNow model on Friday that projected the U.S. economy to grow 2.8 percent in the third quarter.
Official data released on Thursday revealed that the gross domestic product grew a faster-than-expected 2.8 percent in the second quarter after rising 1.4 percent in the first quarter.
Second quarter growth was 0.2 percentage points above the Atlanta Fed's final GDPNow model nowcast released on July 24.
The Commerce Department said the GDP growth primarily reflected increases in consumer spending, private inventory investment, and non-residential fixed investment.
The next GDPNow update is due on Thursday, August 1.
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