"In the third release of second-quarter GDP, we learned of a sharp downward revision to
farm inventories that reflected the effects of the drought over the summer months," points the Wells Fargo analyst team."
"We expect third-quarter GDP of around 1.6 percent, only a modest improvement from the second quarter," states the bank. "Personal consumption expenditures should remain modest, rising around 1.8 percent for the quarter."
Wells Fargo expects "growth to slow through year-end to around 1.3 percent in the fourth quarter, with the weakness likely carrying over to the first half of 2013."