Economy

Second Quarter GDP Upwardly Revised from 3.0% to 3.1%

Second Quarter GDP Upwardly Revised from 3.0% to 3.1%”

The latest third-quarter gross domestic product estimate was slower than the 2.2 percent growth rate calculated on September 19, the Atlanta Fed said.

Economic activity in the US increased by slightly more than previously estimated in the second quarter, the Commerce Department revealed in a report on Thursday. The general picture of economic growth remained the same.

The Commerce Department says the April-June expansion in the gross domestic product - the economy's total output of goods and services - was up slightly from a 3 percent estimate made a month ago.

The stronger than previously estimated GDP growth primarily reflected an upward revision to private inventory investment.

In the first quarter, real GDP increased 1.2%.

Harvey, which struck Texas, has been blamed for much of the decline in retail sales, industrial production, homebuilding and home sales in August. However, that pace would need to be sustained or surpassed in the third and fourth quarters for there to be 3% growth on an annual basis.



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