US Q2 economic growth revised up to 3.7%

The world's largest economy expanded at an annual rate of 3.7 percent in the April-June period, after a 0.6 percent pace in the first three months of the year, the Commerce Department reported. The more robust second-quarter growth mainly reflected higher investment, state and local government spending, and consumer spending than was reported in the initial estimate. Consumer spending, which accounts for about 70 percent of US economic activity, grew at a 3.1 percent annual pace, compared with t