The U.S. economy grew at a slightly stronger pace in the second quarter than initially reported, reflecting an upward revision to consumer spending that more than offset weaker activity in other categories.
Gross domestic product rose at a 3% annualized rate during the April-June period, up from the previous estimate of 2.8%, according to Bureau of Economic Analysis figures published Thursday. The economy’s main growth engine – personal spending – advanced 2.9%, versus the prior estimate of 2.3%.
A separate government report out Thursday showed initial applications for unemployment benefits were little changed at 231,000. Treasury yields rose and S&P 500 index futures remained higher while the dollar strengthened.
The other main gauge of economic activity – gross domestic income – rose a more moderate 1.3% in the government’s first estimate for the period, matching the first-quarter gain. Whereas GDP measures spending on goods and services, GDI measures income generated …