Investing.com - Growth of the U.S. economy in the second quarter was revised even higher expected to its strongest expansion in more than two years, while consumer spending also beat expectations, according to official data released on Wednesday.
The second estimate of second quarter growth domestic product (GDP) showed growth of 3.0%, compared to an initial reading of 2.6%.That was its strongest expansion since the first quarter of 2015, according to the Bureau of Economic Analysis.
Analysts were looking for an upward revision to just 2.7%.
That compared to an expansion of 1.2% in the first quarter of the year.
Real consumer spending for the April to June period rose by 3.3%, compared to the initial 2.8% increase.
Economists had expected an upward revision to only 3.0%.
The GDP price index was left unchanged as expected at an increase of 1.0%.
The core PCE price index showed a gain of 0.9%, in line with forecasts.
Meanwhile, corporate profits bounced back with a 0.8% gain, compared to the prior 2.7% slump.
Business investment increased by 6.2%, up from the flash estimate of a 4.9% advance.
After the report, EUR/USD was trading at 1.1908 from around 1.1920 ahead of the publication; GBP/USD was at 1.2888 from 1.2913 earlier; while USD/JPY was at 110.39 from 110.15 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, traded at 92.74 compared to 92.63 prior to the release.
Meanwhile, U.S. stock futures pointed to a mixed open. The Dow futures edged forward 10 points, or 0.05%, the S&P 500 futures slipped 1 point, or 0.03%, while the Nasdaq 100 futures traded up 7 points, or 0.12%.
Elsewhere, in the commodities market, gold futures traded at $1,311.41 a troy ounce, compared to $1,313.06 ahead of the data, while crude oil traded at $46.02 a barrel from $46.08 earlier.