(Adds details on latest forecast)
NEW YORK, Aug 1 (Reuters) - The U.S. economy is growing at a 5.0 percent annualized rate in the third quarter following the latest data on construction spending and manufacturing activity, the Atlanta Federal Reserve's GDPNow forecast model showed on Wednesday.
That was faster than the 4.7 percent pace calculated by the regional Fed's forecast program on Tuesday.
The Atlanta Fed's program increased its projection on consumer spending growth in the current quarter to 3.4 percent from 3.1 percent, and its estimate on private fixed investment growth to 5.8 percent from 5.2 percent.
Earlier on Wednesday, the Commerce Department said construction spending fell 1.1 percent in June, which was the biggest drop since April 2017, but the reading for May was adjusted higher to show a 1.3 percent increase from an earlier 0.4 percent gain.
The Institute for Supply Management said its gauge on national factory activity slipped to 58.1 in July from 60.2 in June. A reading above 50 signals expansion in the manufacturing sector. (Reporting by Richard Leong; Editing by Meredith Mazzilli)