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| Version 1 | Version 2 |
|---|---|
| US economic growth revised upwards | US economic growth revised upwards |
| (35 minutes later) | |
| The US economy grew at an annual rate of 4.2% in the second quarter of the year, according to revised figures from the US Department of Commerce. | The US economy grew at an annual rate of 4.2% in the second quarter of the year, according to revised figures from the US Department of Commerce. |
| The revision upwards from 4.0% reflected stronger business spending and exports. | The revision upwards from 4.0% reflected stronger business spending and exports. |
| It was the fastest pace of growth since the third quarter of 2013. | It was the fastest pace of growth since the third quarter of 2013. |
| A separate report from the US Labor Department showed the number of people applying for unemployment benefits fell by 1,000 to 298,000 last week. | A separate report from the US Labor Department showed the number of people applying for unemployment benefits fell by 1,000 to 298,000 last week. |
| Economists polled had expected the pace of US growth to be revised down to 3.9%. | |
| Growth was instead revised upwards, in part due to stronger exports and public sector spending. | |
| Growth in consumer spending, which accounts for more than two-thirds of US economic activity, remained at a rate of 2.5%. | |
| The US economy has rebounded strongly after shrinking at an annual rate of 2.1% in the first quarter. | The US economy has rebounded strongly after shrinking at an annual rate of 2.1% in the first quarter. |
| The contraction in the first three months of the year was blamed on harsh winter weather which discouraged shoppers and hampered manufacturing. |