EmailSecond quarter GDP was revised up from 1.0% in the second estimate to 1.3% in the third estimate. The Briefing.com consensus expected GDP to be revised to 1.2%.
There was nothing new in the data that would suggest much of a change from the current economic trajectory. The economy remains in a low-growth environment and a second recession does not look likely.
The upward revision in the third estimate came from stronger than originally reported consumption and net exports. Gross private domestic investment and government spending were unchanged.
Consumption spending was revised up from 0.4% in the second estimate to 0.7% in the third estimate. Export growth was revised up from 3.1% to 3.6% and import growth was revised to 1.4% from 1.9%.
Real final sales, which excludes inventory adjustments, were revised up from 1.2% in the second estimate to 1.3% in the third estimate.
