Second-Quarter GDP Revised Up to 1.7%

The U.S. gross domestic product rose at a revised 1.7% annual rate in the second quarter, up slightly from the previously estimated 1.6%, the Commerce Department said Thursday.

Economists had forecast that the previous estimate would not change, due to the jobless rate remaining high and consumer spending and housing remaining low, Bloomberg reported.

Consumer spending, which accounts for about 70% of the economy, rose 2.2%, better than the previously reported 2% pace and the fast pace since the first quarter of 2007.

The economy grew 3.7% in the first quarter of the year and 5% in the last quarter of 2009.

Thursday’s figure is the final revision to the second-quarter GDP.