NEW YORK: The US economy is on track to grow at a 3.4 percent annualized rate in the third quarter, the Atlanta Federal Reserve's GDP Now forecast model showed on Thursday following a report of a steeper-than-expected 3.2 percent drop in home resales in July.

The latest third-quarter GDP estimate was lower than the 3.6 percent figure calculated on Aug. 16, the Atlanta Fed said on its website.

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