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GDP revised a touch higher

Aug. 29, 2012 at 9:28 AM

WASHINGTON, Aug. 29 (UPI) -- The Commerce Department Wednesday revised its estimate of U.S. economic growth to 1.7 percent in the second quarter, a slight gain over a previous report.

In the first estimate released a month earlier, the GDP growth was reported at 1.5 percent, slightly better than 1.3 percent, which was the consensus estimate at the time.

But the growth rate still shows a decline from the first quarter, when the GDP grew 2 percent from the previous quarter.

The Commerce Department said the estimate released Wednesday reflects an increase in consumer spending, exports and fixed investments in residential and non-residential property.

Production of motor vehicles added 0.18 percentage points to the GDP in the second quarter following a 0.72 percentage point contribution in the first quarter.

Consumer spending adjusted for inflation rose 1.7 percent in the second quarter after rising 2.4 percent in the first.

Spending on durable goods -- items expected to last three years or more -- was unchanged, while spending on non-durable goods rose 0.5 percent after rising 1.6 percent in the previous quarter.

Spending on services rose 2.4 percent after a rise of 1.3 percent in the first quarter.

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