U.S. Second-Quarter Growth Revised up to 4.2%
The U.S. economy expanded in the second quarter at a slightly faster pace than previously estimated on revisions to imports and software spending, bolstering the strongest period of growth since 2014, according to Commerce Department data released Wednesday.
Gross domestic product grew at a 4.2% annualized rate (estimates were for a 4% rise), revised up from 4.1% in the prior estimate. Growth was the fastest since the third quarter of 2014.
Consumer spending, the biggest part of the economy, grew 3.8% (estimates were for 3.9%), revised from 4%, which reflects downward revisions in motor vehicles, nondurable goods, and health care.
Corporate pretax profits rose 7.7% year over year and 3.3% quarter over quarter, both the most since 2014, in the first estimate issued for last quarter. This follows a 5.9% year over year rise in first quarter and marks seventh straight year over year gain.