The US economy grew more strongly in the second quarter than previously estimated, after figures on consumer spending were revised sharply higher.
GDP increased at an annualised rate of 3.8 per cent in the three months to the end of June, the Bureau of Economic Analysis said on Thursday in its third estimate of growth for the second quarter. That was up from 3.3 per cent in the second reading, though first-quarter growth was revised lower to a 0.6 per cent contraction.
Consumer spending was revised significantly higher, growing at an annualised rate of 2.5 per cent, compared with 1.6 per cent in the previous estimate.
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