Atlanta Fed raises U.S. fourth-quarter GDP forecast to 3.3 percent

November 15, 2016 11:44 AM EST

New developments are seen under construction along the RiverWalk, adjoining downtown Milwaukee, Wisconsin, U.S. August 15, 2016. REUTERS/Aaron P. Bernstein

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NEW YORK (Reuters) - The U.S. economy is on track to grow at a 3.3 percent annualized pace in the fourth quarter following a surprisingly strong increase in domestic retail sales in October, the Atlanta Federal Reserve's GDP Now forecast model showed on Tuesday.

The latest fourth-quarter GDP estimate was faster than the 3.1 percent growth rate calculated on Nov. 9, the Atlanta Fed said on its website.

(Reporting by Richard Leong)

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