Washington, DC, August 31--Gross domestic product rose at a seasonally adjusted 3.3% annual rate April through June, the Commerce Department said in its first revision of economic growth for the quarter.
The government a month ago said GDP grew 3.4% last spring, a solid pace but slower than the first-quarter's 3.8% rate. The lowering of the estimate to 3.3% was due to a downward revision in consumer spending and an upward revision to imports -- offsetting an upward revision to inventory investment.
Inflation gauges for the second quarter were mixed. The government's price index for personal consumption rose 3.2%, down from the previous estimate for the quarter of 3.3% but above the first quarter's 2.3% climb. The PCE price gauge excluding food and energy rose 1.6% in the second quarter, down from the previously estimated 1.8% and below the first quarter rate of 2.4%.
The price index for gross domestic purchases, which measures prices paid by U.S. residents, rose at a 3.1% rate, lower than the previously estimated 3.2% increase but above the first quarter rate of 2.9%. The chain-weighted GDP price index increased at a 2.4% rate, unchanged from the previous estimate for the quarter and below the first quarter's 3.1% climb.
Wednesday's data showed U.S. exports rose by 13.2%, instead of the earlier reported 12.6% increase. Imports advanced 0.5%, instead of falling 2.0% as originally estimated. First-quarter exports grew 7.5% and imports were up 7.4%.
Businesses expanded inventories by $2.6 billion. The government originally said firms reduced inventories by $6.4 billion. Business spending rose 8.4%, below from the earlier estimated 9.0% increase but up from the first-quarter's 5.7% climb. Investment in structures advanced 2.7% and equipment and software rose 10.4%.
