U.S. second quarter GDP revised up to a 3% annual rate

Aug. 29 (UPI) -- The Bureau of Economic Analysis Thursday revised second quarter U.S. real gross domestic product, increasing it from 2.8% to a 3% annual rate.

"The GDP estimate released today is based on more complete source data than were available for the 'advance' estimate issued last month," the BEA said in a statement. "In the advance estimate, the increase in real GDP was 2.8%. The update primarily reflected an upward revision to consumer spending."

The advance estimate reported in July was already higher than the 2.1% expected by Dow Jones economists.

GDP was 1.4% in the first quarter.

"Compared to the first quarter, the acceleration in real GDP in the second quarter primarily reflected an upturn in private inventory investment and an acceleration in consumer spending," the BEA statement added. "These movements were partly offset by a downturn in residential fixed investment."

Current-dollar GDP in the second quarter was up 5.5% at an annual rate.

The price index for gross domestic purchases was up 2.4% for the second quarter, an upward revision of 0.1%.

Current-dollar personal income was also revised. It increased $233.6 billion, a drop of $4 billion from the previous estimate.

Real gross domestic income was up 1.3% in the second quarter, matching first-quarter results. Disposable personal income was up $183 billion, or 3.6%, That's $4 billion less than the previous estimate.

Personal saving was $686.4 billion, a downward revision of $34.1 billion compared with the previous estimate.

Corporate profits increased $46.4 billion compared with $65 billion in the first quarter.