Economy grew more than expected in second quarter
GDP expansion was driven by consumer spending, which was higher than previously estimated.
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The Commerce Department raised its estimate for gross domestic product growth between April and July from 3% to 3.3%. The economy grew more than previously expected, driven by consumer spending.
The figure comes after a third revision, which markets had not anticipated, according to consensus data published by the specialist site Trading Economics.
"The increase in real GDP in the second quarter primarily reflected a decrease in imports, which are a subtraction in the calculation of GDP, and an increase in consumer spending," the department explained. "These movements were partly offset by decreases in investment and exports."
First-quarter GDP growth was also revised downward, showing a contraction of 0.6% compared with the previous estimate of -0.5%.
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