report from the Commerce Department showed on Thursday that the U.S. economy
grew slightly more than initially estimated in the second quarter of 2021, as upward
revisions to personal consumption expenditures (PCE), exports, and private
inventory investment were partly offset by an upward revision to imports.
According to the third estimate, the U.S. gross domestic product (GDP) increased at an annual rate of 6.7 percent in the second quarter, marginally better than a 6.6 percent advance reported in the second estimate.
Economists had expected the growth rate to be unrevised at 6.6 percent.
In the first quarter, the economy expanded by 6.3 percent q-o-q.
The increase in real GDP reflected gains in PCE, nonresidential fixed investment, exports, and state and local government spending that were partly offset by declines in private inventory investment, residential fixed investment, and federal government spending. Meanwhile, imports, which are a subtraction in the calculation of GDP, rose.
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