US economic growth for second quarter revised up, continues in third quarter

A Commerce Department report on Wednesday showed that the US economy grew faster in the second quarter than previously estimated. Growth was at a 1.7 percent annual rate compared to the initial estimate of 1.5 percent.

Going forward, the continuing recovery in housing looks likely to provide a boost to the economy. Another report on Wednesday showed that pending home sales rose 2.4 percent in July.

Meanwhile, the Federal Reserve's Beige Book, also published on Wednesday, indicated that the economy continued to expand gradually in July and early August.