Second-Quarter Growth Revised Up to 1.7 Percent Rate
Source: NYT
The economy grew at a slightly faster pace in the second quarter than initially estimated, according to Commerce Department data released Wednesday, increasing at an annual rate of 1.7 percent.
The revision was driven by stronger export growth, along with fewer imports than originally estimated and a slight uptick in personal consumer spending. Inventory growth cooled, underscoring continued caution by businesses about the economic outlook.
And in another sign that the housing market has regained its footing, pending home sales in July rose to their highest level in more than two years, according to data released Wednesday by the National Association of Realtors. The Pending Home Sales Index, which reflects contracts but not closings, rose 2.4 percent from the prior month.
On Tuesday, the latest figures from the Standard & Poor’s Case Shiller Home Price Index showed that home prices rose 1.2 percent nationally in June from the same period a year ago. Home prices remain down almost a third from their peak in 2006, but a firming housing sector is one small bright spot in an otherwise cloudy economic outlook.
Read more: http://www.nytimes.com/2012/08/30/business/economy/second-quarter-growth-revised-up-to-1-7-percent-rate.html
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