KEY POINTS

The Commerce Department made a significant revision to the preliminary GDP estimate.

The U.S. economy grew by 3.8% in second quarter, up from an early estimate of 3%.

Consumer spending, which accounts for two-thirds of U.S. economy, drove the increase.

Continuing a trend of outsized data revisions amid “historically unusual” economic conditions, a Commerce Department update Thursday shows the U.S. economy was running significantly hotter in the second quarter of the year than previously reported.

And the revisions bode well for third quarter performance even as the U.S. employment sector shows signs of broader weakening alongside increasing inflationary pressures.

The Bureau of Economic Analysis’ initial estimate of U.S. gross domestic product, a measure of the value of al

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