NEW YORK (Reuters) - The U.S. economy is on track to grow at a 3.8 percent annualized rate in the third quarter in the wake of the latest data on payrolls and the trade balance, the Atlanta Federal Reserve's GDP Now forecast model showed on Friday.

The latest third-quarter GDP estimate was a tad faster than the 3.7 percent figure calculated on Thursday, the Atlanta Fed said on its website.

(Reporting by Richard Leong Editing by W Simon)