United States has room to grow

October 29, 2015 09:42 AM

The U.S. economy is on track to grow 1.1 % 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 % on Tuesday, the Atlanta Fed said on its website.

The U.S. goods trade gap 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 % drag from trade on gross domestic product in the third quarter versus a prior estimate of 0.7 %, the regional Fed said.

 

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