The U.S. economy is on track to grow at a 3.7 percent annualized pace in the third quarter, the Atlanta Federal Reserve's most recent GDP Now forecast model showed, following the release of the government's July payrolls report.

The latest third-quarter gross domestic product estimate was weaker than the previous one for 4.0 percent growth, calculated on Thursday, the Atlanta Fed said.

Despite July's solid jobs data, the regional central bank's model scaled back its third-quarter projections on consumer spending growth to 2.8 percent from 3.0 percent and on fixed investment growth to 4.1 percent from 5.2 percent.

Friday, the Labor Department said U.S. employers hired 209,000 workers last month, more than analysts had forecast, while average hourly earnings grew 0.3 percent, in line with expectations.