FILE PHOTO: The Federal Reserve building is pictured in Washington, DC, U.S., August 22, 2018. REUTERS/Chris Wattie/File Photo

NEW YORK (Reuters) - The U.S. economy is growing at a 4.7 percent annualized rate in the third quarter, the Atlanta Federal Reserve’s GDPNow forecast model showed on Tuesday, following the latest data on construction spending and factory activity.

This was faster than the 4.1 percent GDP growth pace calculated by the regional Fed’s forecast program on Aug. 30.

The Atlanta Fed program raised its estimates on consumer spending growth in the third quarter to 3.6 percent from 3.0 percent and private fixed investment growth in the third quarter to 4.3 percent from 3.0 percent.

Earlier Tuesday, the government said domestic construction spending edged up 0.1 percent in July, while the Institute for Supply Management said its barometer on factory activity climbed to 61.3 in August, the highest level since May 2004.