September 3, 2019 / 5:20 PM / 19 days ago

Atlanta Fed model pares U.S. third quarter GDP view to 1.7%

NEW YORK (Reuters) - The U.S. economy is likely growing at a 1.7% annualized rate in the third quarter, based on weaker-than-forecast data on domestic manufacturing activity and construction spending, the Atlanta Federal Reserve’s GDPNow forecast model showed on Tuesday.

This was slower than the 2.0% pace estimated by the Atlanta Fed’s GDP program on Aug. 30.

Reporting by Richard Leong; Editing by Chizu Nomiyama

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