The US economy grew slightly more than we thought last quarter

The US economy grew slightly more than we thought last quarter
Shafkat Anowar/AP

America’s economy expanded at a slightly faster pace than initially thought in the second quarter, the Bureau of Economic Analysis reported Thursday.

Between April and June, US gross domestic product grew at an annualized and seasonally adjusted rate of 6.6%.

The first look at the data last month put the growth rate at 6.5%, way underperforming the 8.5% rate economists’ had expected. Still, it represented the best quarterly growth rate since last fall when the recovery boosted the economic expansion.

The small revision reflected larger investments in things like equipment, as well as more exports. Investments in inventories and real estate, as well as state and local government spending were revised down.

The second reading of GDP data also included a look at how America’s corporations did in the spring and early summer.

Banks and financial corporations saw their profits soar $53.7 billion, up from only $1.3 billion in the first quarter.

Non-financial business profits grew $169.8 billion following a $133.2 billion increase at the start of the year.

This is a developing story. It will be updated

The-CNN-Wire
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