The U.S. economy grew at an annual 3.9% pace in the second quarter instead of 3.7%, revised government data show. Higher consumer spending and somewhat stronger business investment mostly accounted for the upward revision, the Commerce Department said. Consumer spending, the main engine of U.S. growth, rose 3.6% vs. an earlier 3.1% estimate. Business investment in structures was revised up to 6.2% from a 3.1% increase. Home construction climbed at a 9.3% rate instead of 7.8%. The value of inventories, which adds to GDP, increased by $113.5 billion, down from a prior $121.1 billion estimate. The trade picture was little changed. Exports rose 5.1% while imports edged up 3%. Inflation as measured by the PCE price index rose at a 2.2% annual rate, unchanged from the prior reading. Looking ahead, economists surveyed by MarketWatch predict gross domestic product will slow to a 2.5% clip in the third quarter.
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