Second Quarter GDP Upwardly Revised from 3.0% to 3.1%

Real GDP for the second quarter of 2017 grew at a seasonally adjusted annual rate of 3.1%, according to the Bureau of Economic Analysis’s third estimate, up from the second estimate of 3.0%. The general picture of economic growth remained the same. Last quarter’s growth was the strongest since the first quarter of 2015.

The increase in the estimate was mostly due to private inventory investment being larger than previously estimated.

Fixed investment and personal consumption were both slightly downwardly revised, offsetting a larger second quarter increase.

Read the GDP release.