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Q2 GDP growth revised higher to show 1.3% growth

Q2 GDP growth revised higher to show 1.3% growth (by Greg Robb)

WASHINGTON (MarketWatch) - U.S. real gross domestic product for the second quarter was revised to an increase of 1.3% annualized from the earlier estimate of a 1.0% rise, the Commerce Department said Thursday. Economists surveyed by MarketWatch expected second-quarter growth to be revised to a 1.2% rate. The revision to second-quarter GDP was largely due to a pickup in construction spending and slightly faster consumer spending. A key measure of inflation was revised higher. The core personal consumption index, which excludes food and energy prices, increased 2.3% up from 2.2% reported earlier. Corporate profits before-tax were also revised higher Corporate profits before-tax increased 0.7% quarter-to-quarter, up from the 0.5% reported earlier.