An Upgrade to Second Quarter Growth

The U.S. economy’s pace of growth in the second quarter was raised to 3.1 percent from 3 percent on Friday. According to the final revisions from the federal government, the U.S. expanded in the second quarter at the fastest clip in two years.

The U.S. is on track to grow slightly faster than 2 percent in 2017, keeping in line with growth trends since the end of the Great Recession. The somewhat stronger pace of growth in the spring mostly reflects higher farmer inventories. The production of unsold goods such as crops or new cars adds to GDP, and the value of inventories rose by $5.5 billion, stronger than previously reported.

Other key figures in the government’s third estimate of GDP, including readings on inflation, were little changed. The increase in consumer spending, considered the largest driver of economic growth, was unchanged at 3.3 percent.