FILE PHOTO: Employees seen working inside the Metal Box International toolbox factory in Franklin Park, Illinois, February 21, 2018. REUTERS/Timothy Aeppel/File Photo

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.