Second quarter GDP revised up to 3.3 percent

September 29, the U.S. Department of Commerce (DOC) reported that second quarter GDP was upwardly revised to 3.3 percent from a previously reported 2.8 percent. The upward revision was the result of stronger than initially reported residential investment, business equipment investment, higher inventory investment, and a narrower trade gap. Over the last four quarters, the GDP has risen at a 4.8 percent rate, one of the strongest yearly readings in 20 years.

Commerce Secretary Donald L. Evans applauded the data that showed more U.S. businesses exporting and building their inventories in order to respond to strong consumer demand.