US GDP Growth Revised Up To 3.8% In Q2 Driven By Strong Consumer Spending

Consumer spending was revised sharply higher, with personal consumption expenditures rising at a 2.5% annualized pace.

The U.S. economy grew at an annualized rate of 3.8% in the second quarter, the Commerce Department reported Thursday in its third and final estimate. 

The figure is up from 3.3% in the previous estimate and well above the 3% initially reported. Consumer spending was revised sharply higher, with personal consumption expenditures rising at a 2.5% annualized pace, up from 1.6% in the second estimate. Falling imports also contributed to the gain.

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