la croissance publiée est supérieure aux attentes, en partie grâce à une forte progression des stocks.

« The U.S. economy grew faster than initially thought in the second quarter on solid domestic demand, showing fairly strong momentum that could still allow the Federal Reserve to hike interest rates this year.

Gross domestic product expanded at a 3.7 percent annual pace instead of the 2.3 percent rate reported last month, the Commerce Department said on Thursday in its second GDP estimate.

On Wednesday, New York Fed President William Dudley said that prospects of a September lift-off in the central bank’s key lending rate « seems less compelling to me than it was a few weeks ago. »

The upward revisions to second-quarter growth also reflected the accumulation of $121.1 billion worth of inventories, up from the previous estimate of $110.0 billion. That meant inventories contributed 0.22 percentage point to GDP instead of subtracting 0.08 percentage point as reported last month.

While the huge inventory build will likely weigh on growth in the third quarter, the blow could be softened by rebounding business investment on capital goods.

Economists polled by Reuters had expected that second-quarter GDP growth would be revised to a 3.2 percent rate. Underscoring the economy’s solid fundamentals, a measure of private domestic demand, which excludes trade, inventories and government expenditures, increased at a 3.3 percent rate, instead of the previously reported 2.5 percent pace.

Consumer spending, which accounts for more than two-thirds of U.S. economic activity, grew at a 3.1 percent rate, rather than the 2.9 percent pace reported last month.

A strong labor market, cheaper gasoline and relatively higher house prices, which are boosting household wealth, are helping to support consumer spending.

Investment in nonresidential structures was revised to show it rising at a 3.1 percent rate, reflecting stronger spending on commercial and healthcare construction. It was previously reported to have contracted at a 1.6 percent pace.

Spending on residential construction was raised to a 7.8 percent pace from a 6.6 percent rate. Business spending on equipment was not as weak as initially thought.

The energy sector continued to weigh on growth as it struggles with the lingering effects of deep spending cuts by oil-field companies

Spending on mining exploration, wells and shafts plunged at a 68.3 percent rate in the second quarter, the largest decline since the second quarter of 1986.

The trade deficit was smaller than previously reported, adding 0.23 percentage point to GDP growth.

The GDP report also showed after-tax corporate profits rebounded 1.3 percent in the second quarter after declining 7.9 percent in the first quarter. »

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