Economic growth was stronger during the second quarter than earlier estimated, although growth in a key measure of U.S. corporate profits moderated from the first quarter.
Gross domestic product—the value of all goods and services produced across the economy—rose at a 4.2% annual rate in the second quarter, adjusted for seasonality and inflation, the Commerce Department said Wednesday.
The agency had earlier estimated second-quarter growth at a 4.1% annual rate. Economists surveyed by The Wall Street Journal expected an unchanged reading of 4.1% on Wednesday.
The second-quarter growth rate’s revision partly reflected stronger business investment than earlier forecast and a slight downward revision to consumer spending. The 4.2% rate still marked the strongest pace of growth in nearly four years.
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