Second quarter GDP was revised upward to 1.3% from 1.0% (SAAR) according to a Bureau of Economic Analysis report released this morning. This exceeded consensus expectations of a revision to 1.2%. The upward revision was a result of an increase in consumer spending and exports combined with a downward revision to imports.
Despite this encouraging upward revision, growth remains stagnant, below the average 2.3% over the last six months and well below the 3.79% seen this time last year. This slow growth remains too weak to generate enough hiring for a self-sustaining expansion.
Read the report.