US Q2 GDP revised higher to 3.9%

FXStreet (Mumbai) - The third estimate released by the US commerce department released on Friday revised the GDP higher to 3.9% from the second estimate of 3.7%.

Higher consumer spending and somewhat stronger business investment accounted for the upward revision, the Commerce Department said.

Consumer spending, the main engine of U.S. growth, rose 3.6% vs. an earlier 3.1% estimate. Exports rose 5.1%, while imports edged up 3%. Inflation, as measured by the PCE price index rose at a 2.2% annual rate, unchanged from the prior reading.