Second Quarter GDP Revised Higher

Washington, DC, Aug. 29, 2012 -- Second quarter economic growth was revised higher due mainly to higher consumer spending and slower growth in imports, according to the Commerce Department.

Gross domestic product increased at a 1.7% rate in quared, up from an initial estimate of 1.5%.

Poor job growth has held back economic expansion to below average rates.

The U.S. is projected to grow 2.0% in the third quarter and 1.9% in the final three months of the year.

Corporate earnings rose an estimated $10.4 billion last quarter after falling $53.0 billion in the first three months of the year.

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