U.S. nonfarm business productivity rose at a 2.4% annualized pace in the second quarter, according to figures released Thursday. The rebound follows a softer first-quarter reading and suggests companies generated more output per hour even as wage pressures persist. Separately, the Federal Reserve Bank of Atlanta’s GDPNow model left its estimate for third-quarter real gross domestic product growth unchanged at 2.5%. The latest update, incorporating fresh wholesale-trade figures, showed the projected boost from inventory investment ticked up to 0.82 percentage point from 0.76. Taken together, the data point to steady economic momentum early in the third quarter after a productivity pickup in the spring. Policymakers will weigh the figures alongside upcoming inflation and employment reports ahead of the next Federal Open Market Committee meeting.
Atlanta Fed GDPNow unchanged at 2.5% "After this morning’s wholesale trade report from the US Census Bureau, the nowcast of the contribution of inventory investment to third-quarter real #GDP growth increased from 0.76 percentage points to 0.82 percentage points." via @AtlantaFed https://t.co/WR1ZDk38Z0 https://t.co/VlfPIvy8Kv
US Atlanta Fed Reports Q3 GDP Growth at 2.5 Percent, No Change From Previous Quarter 🇺🇸📈
US Atlanta Fed GDPNow Q3: 2.5% (prev 2.5%) https://t.co/xWeRUTFL3V https://t.co/yqM5kK8a5L