Smaller drag from stock-building expected to push US Q3 GDP growth higher

Data released since the Bureau of Economic Analysis' advance report on Q3 real GDP suggest that growth probably clocked in at 2.2% annualized during the summer quarter growth, a marked improvement from the previously posted 1.5% pace. 

A significantly smaller drag from reduced inventory-building during the reference period is expected to account for all but a fraction of the anticipated adjustment to headline growth. Reflecting anticipated modest upward revisions to consumer spending, business equipment investment, home-building and public spending, the growth of real final sales of domestic product and those to domestic purchasers are each expected to be marked one tick higher to 3.1% and 3.0%, respectively