NEW YORK (Reuters) - The U.S. economy is on track to grow 1.1 percent in the third quarter after data showed a shrinkage in the country’s trade deficit in goods in September, the Atlanta Federal Reserve’s GDPNow forecast model showed on Wednesday.
This was a faster growth rate from the regional Fed’s prior estimate of 0.8 percent on Tuesday, the Atlanta Fed said on its website.
The U.S. goods trade gap USGBAL=ECI contracted to $58.6 billion last month from $67.19 billion in August, the government said on Wednesday. The September reading was the smallest since February.
This meant a smaller 0.4 percent drag from trade on gross domestic product in the third quarter versus a prior estimate of 0.7 percent, the regional Fed said.
Reporting by Richard Leong; Editing by Chizu Nomiyama