GDP revised higher to 6.6%

Gross domestic product increased at a 6.6% annualized pace in the second quarter, according to the second estimate Thursday from the Commerce Department. That was ahead of the 6.5% initial estimate but a notch below the 6.7% Dow Jones forecast.

The second reading for the pace of all goods and services produced came in higher from the initial estimate due to an upward revision in nonresidential fixed investment. Some cuts to the previous estimates for private inventory and residential fixed investment, along with a lower reading on state and local government spending, partially offset the higher number.