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Q2 GDP growth revised upward

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Q2 GDP growth revised upward

GDP growth in Q2 revised to 3.9%.

US estimated real gross domestic product increased at an annual rate of 3.9% in the second quarter, according to a second revised estimate issued by the Commerce Department today.  The previous estimate for the quarter was an increase of 3.7%. This follows Q1 GDP growth of 0.6%. 

Economists had expected no revision to the previous estimate.

The increase in real GDP in the second quarter reflected positive contributions from consumer spending, exports, state and local government spending, nonresidential fixed investment, residential fixed investment, and private inventory investment. Imports, which are a subtraction in the calculation of GDP, increased.

The full report can be found here.

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