Second-quarter economic growth revised up to 3 percent

The economy grew faster in the second quarter than previously thought and in fact hit President Trump's 3 percent growth rate target, according to a new government report Wednesday, if only temporarily.

The nation's gross domestic product grew at exactly a 3 percent annual rate, adjusted for inflation, the Bureau of Economic Analysis reported.

Previously, the agency had said that growth for the quarter was 2.6 percent. The updated report, though, found greater consumer spending and business investment that first counted.

Even before Wednesday's revision, President Trump had touted the quarter's GDP, which was a marked improvement from the 1.2 percent in the first quarter, when President Obama left office and Trump took over.

Trump has boasted about second-quarter economic output as close to the 3 percent goal he has set. Now, it's there.

The economy isn't expected to keep up the pace for the year. Federal Reserve officials have estimated that growth will ultimately total just above 2 percent on the year, in line with recent years.

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