US growth rate revised upward to 1.3%

The US economy grew at 1.3 percent in the second quarter, according to figures from the Commerce Department, a faster-than-expected clip. The rate was revised up from a previous estimate of 1.0 percent as investment, spending and exports all helped boost the growth rate. The increase represented a boost of $11.3 billion to gross domestic product over the previous estimate. The final figure was slightly more than non-government economists had predicted. The revision reflected "an upward revision to personal consumption expenditures, a downward revision to imports, and an upward revision to exports."