Port of New York and New Jersey
The U.S. economy rose at a revised 2.5% annual rate in the second quarter — up from an originally reported 1.7% gross domestic product figure, the Commerce Department reported.
The reading topped economists’ median forecast of a 2.2% increase, Bloomberg News reported. GDP measures the value of all goods and services produced.
The higher reading — due in part to a lower trade deficit and higher inventories — followed a first-quarter 1.1% GDP growth rate.
Consumer spending, which makes up about 70% of the economy, rose at a 1.8% rate, matching the previous reading issued last month.
Thursday’s GDP report is the second of three to be issued by Commerce.