GDP REVISED UP TO 4.2%!

GDP grew at a 4.2% pace in Q2.

This is according to the BEA, which revised that growth figure up from an earlier estimate of 4.0%.

Economists were expecting the growth rate to be revised down to 3.9%.

Personal consumption growth was revised up to 2.5% from 2.4%.

The change in private inventories added 1.39 percentage points to growth. Economists often flag this as it represents a drag on future growth.

Real final sales - that is, GDP minus the change in private inventories - increased 2.8% in Q2.

The U.S. economy slowed sharply in Q1 as the unusually harsh winter effectively froze growth.

Q2 has been characterized as the economic snapback.

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Here's a breakdown of the components of GDP: