GDP growth revised upward for Q2

It's not much but its better than a revision downward. Bloomberg: The U.S. economy grew at a 1.3 percent pace in the second quarter, faster than estimated last month and helped by exports and spending on services. The revised rise in gross domestic product compares with a 1 percent gain previously calculated, Commerce Department figures showed today in Washington. The median forecast of economists surveyed by Bloomberg News was 1.2 percent, following a 0.4 percent increase in the first three months of the year. Slower global markets may limit growth in exports and business spending, which has bolstered U.S. manufacturing, a pillar of the expansion. The lack of hiring and depressed consumer confidence add to concerns the economy is facing "significant" risks, helping explain why Federal Reserve policy makers took another step this month to revive the recovery. "The third quarter did get off to a better start but there's been a loss of momentum in the economy," said Jim O'Sullivan,...(Read Full Post)