The U.S. economy grew faster this spring than previously thought, fueled by a surge in consumer spending.
The Commerce Department said Thursday that the U.S. economy grew at an annualized rate of 3 percent in the second quarter, revised up from an earlier forecast of 2.8 percent.
Economists had expected the second estimate to be unchanged from the first.
Economic growth slowed to 1.4% in the first quarter.
Personal consumption expenditures growth was revised upward to 2.9% from 2.4%, suggesting that U.S. consumers are more resilient than many thought.
Private nonresidential fixed investment, a measure of business investment in the economy, was revised down to an annualized rate of 4.6% from the previous estimate of 5.2%. Investment in intellectual property grew at an annualized rate of 2.6%, significantly slower than the 4.5% reported in the first estimate. Capital investment was revised down to 10.8% from 11.6%.
