GDP Revisions Show Stronger Underlying Growth in U.S. Economy

The U.S. economy expanded at a 1.5 percent pace in the second quarter of this year, the Bureau of Economic Analysis said Wednesday.

While the overall pace of growth was unrevised in the government’s second estimate, the report showed that both consumer spending and business investment were stronger than previously thought.

Consumer spending, which accounts for more than two-thirds of economic activity, grew at an annualized 3.4 percent pace, faster than the 3.2 percent estimated earlier. Spending on services was far stronger than previously estimated, with the second-quarter growth rate revised up from roughly 2.2 percent to 3.1 percent. Goods…

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