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Economists raise growth outlook after retail sales

A family shops at the Walmart Supercenter in Springdale, Arkansas.
Rick Wilking | Reuters

Wall Street economists raised their expectations for second-quarter U.S. economic growth closer to 3 percent, after retail sales rose for the third straight month in June.

Second-quarter GDP tracking estimates edged up 0.1 percent to 2.7 percent, according to the average estimate of economists polled in the CNBC/Moody's Analytics GDP rapid update. Forecasts rose to a median 2.6 percent for the quarter.

The U.S. economy grew at a 1.1 percent annualized rate in the first quarter of this year.