US Economic Growth In 2Q Revised Up to 1.7%

By Mike Obel | August 29 2012 8:40 AM

The U.S. economy grew in the April-through-June period by 1.7 percent, the Commerce Department said Wednesday, higher than the department's initial growth estimate of 1.5 percent.

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The department's Bureau of Economic Analysis said stronger export growth offset weaker restocking by businesses concerned with sluggish domestic demand.

While the latest estimate of GDP growth is higher than the first gauge, it is lower than the first quarter's 2 percent growth rate.

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