The Federal Reserve Bank of New York projected the U.S. economy to grow at an annual rate of 2.45% in the fourth quarter, up from last week's forecast of 1.95%.

According to the bank, positive results from surveys released by the Institute for Supply Management this week outweighed "negative surprises" from employment data.

The bank also revised its third-quarter GDP growth estimate to an annual rate of 1.53% from 1.46% last week.

Meanwhile, the Federal Reserve Bank of Atlanta lowered its third-quarter GDP growth estimate to a seasonally adjusted annual rate of 2.5% from a previous estimate of 2.8%.