The U.S. economy grew 4.2 percent in the second quarter, according to a revised estimate by the Commerce Department. It previously said second quarter GDP was 4 percent.
The economy bounced back strongly from the 2.1-percent decrease in the first quarter in large part because of strong exports.
Real exports of goods and services increased 10.1 percent in the second quarter, compared to a decrease of 9.2 percent in the first quarter. Real imports increased 11 percent versus an increase of 2.2 percent during the first three months of the year.
The negative growth in the first quarter is expected to hold down the annual growth figure for 2014. Various economists are predicting economic growth for the year at somewhere between 2.1 percent and 2.4 percent.
Chad Moutray, chief economist at the National Association of Manufacturers, predicted real GDP growth of 2.8 percent in the third quarter and 3 percent for the second half of the year.
U.S. economy grew 4.2% in 2Q
