October 2, 2017 / 4:47 PM / 2 years ago

Atlanta Fed raises U.S. third quarter GDP growth view to 2.7 percent

Louisville Assembly Plant employees work to assemble the new 2013 Ford Escape on the production line in Louisville, Kentucky, June 13, 2012. REUTERS/John Sommers II/File Photo

NEW YORK (Reuters) - The U.S. economy is on track to grow at a 2.7 percent annualized pace in the third quarter, based on the stronger-than-forecast rise on construction spending in August and a surprise acceleration in factory activity in September, the Atlanta Federal Reserve’s GDP Now forecast model showed on Monday.

The latest estimate for third-quarter gross domestic product was faster than the 2.3 percent growth rate calculated on Sept. 29, the Atlanta Fed said.

Reporting by Richard Leong; Editing by Chizu Nomiyama

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