Atlanta Fed raises U.S. fourth quarter GDP forecast to 2.9 percent

December 1, 2016 12:38 PM EST

Construction is seen in the Hudson Yards area of the West Side of Manhattan in New York U.S., November 21, 2016. REUTERS/Shannon Stapleton

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NEW YORK (Reuters) - The U.S. economy is on track to grow at a 2.9 percent annualized pace in the fourth quarter following the latest data on manufacturing and construction spending, the Atlanta Federal Reserve's GDP Now forecast model showed on Thursday.

The latest fourth-quarter GDP estimate was higher than the 2.4 growth rate calculated on Wednesday, the Atlanta Fed said on its website.

(Reporting by Richard Leong; Editing by Chizu Nomiyama)

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