U.S. revises 2nd quarter growth to 3.3%
The U.S. economy grew 3.3 percent in the second quarter, according to updated figures released by the Commerce Department on Thursday.
The Gross Domestic Product figure was higher than most forecasters predicted and well above the 1.9 percent preliminary estimate issued by the government last month.
In the first quarter real GDP increased 0.9 percent.
A large factor in the surprising productivity rate was the continued strength of U.S. exports coupled with a deceleration of imports, which are counted against the GDP calculation. Government stimulus checks also boosted consumer spending.
Exports of goods and services rose 13.2 percent in the April-June period, compared with 5.1 percent in the first quarter, while imports fell 7.6 percent.