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Atlanta Fed upgrades U.S. second quarter GDP view to 4.7 percent

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NEW YORK (Reuters) – The U.S. economy is expanding at a 4.7 percent annualized rate in the second quarter following data on domestic consumer spending and advance goods trade balance in April, the Atlanta Federal Reserve’s GDPNow forecast model showed on Thursday.

The latest estimate on gross domestic product growth was faster than the 4.0 percent pace estimated on May 25, the Atlanta Fed said.

(Reporting by Richard Leong)

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