January 3, 2018 / 4:32 PM / in a year

Atlanta Fed raises U.S. fourth quarter growth view to 3.2 percent

President of the Federal Reserve Bank of Atlanta, Raphael W. Bostic seen in this handout photo obtained by Reuters October 6, 2017. Federal Reserve Bank of Atlanta/Handout via REUTERS

NEW YORK (Reuters) - The U.S. economy is on track to grow at a 3.2 percent annualized rate in the fourth quarter after data showed construction spending reached a record high in November and stronger-than-forecast December figures on factory activity, the Atlanta Federal Reserve’s GDPNow forecast model showed on Wednesday.

The latest estimate for fourth-quarter gross domestic product growth was faster than the 2.8 percent growth rate calculated on Dec. 22, the Atlanta Fed said.

Reporting by Richard Leong

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