US Q2 GDP revised higher to 3.0%
America's economy picked-up by more than expected during the second quarter on the back of quicker personal consumption and business investment.
In quarterly annualised terms, gross domestic product expanded at a 3.0% clip to reach $17.03trn, up from a previously estimated gain of 2.6%, according to the Department of Commerce.
That compared to expectations from Barclays's economists for an unchanged reading versus the government's preliminary estimate.
Yet in year-on-year terms GDP was only 2.2% ahead, Barclays Research pointed out, adding that it was only "modestly" above their estimate of the US economy's potential rate of growth.
Wednesday's revisions might also just be a reflection of the trouble in adjusting for seasonal quirks in the data, which tend to weigh on estimates for growth in the first quarter while boosting those for the subsequent periods.
Final demand, a measure of GDP that excludes changes in the inventory cycle, was marked up to show growth of 2.7%, versus an initially estimated rise of 2.4%.
Price pressures in the economy continued to be scant, according to Commerce, with the PCE price index higher by just 0.3% in annualised terms over the three months to June.
Looking at the components of aggregate demand, personal consumption expenditures increased by 3.3%, versus an initial estimate of 2.8%, and business fixed investment by 3.6%, instead of the 2.2% initially thought.
The rate of expansion in local and central government spending on the other hand was revised downwards, from a 0.7% rise to a contraction of 0.3%.