Goldman raises U.S. Oct. payrolls forecast to +340,000

File Photo - Job seekers listen to a presentation at the Colorado Hospital Association health care career fair in Denver April 9, 2013. REUTERS/Rick Wilking

NEW YORK (Reuters) - Goldman Sachs economists on Wednesday upgraded their forecast on U.S. nonfarm payrolls for October to a 340,000 increase from a 325,000 gain, based on the latest data on company hiring from ADP and factory activity from the Institute for Supply Management.

Meanwhile, they pushed up their estimate on U.S. gross domestic product for the third quarter by 0.1 percentage point to 3.1 percent but lowered their call on fourth-quarter GDP by 0.1 point to 2.6 percent.

Reporting by Richard Leong; Editing by Chris Reese