US Q2 GDP revised up again as economy surpasses expectations

The U.S. GDP Q2 number was revised from 3.7 percent to 3.9 percent, beating expectations and showing that the U.S. economy had grown faster than expected. This robust GDP number was mainly attributed to high construction spending as well as increased consumer spending in areas such as health care and transportation. 2015 has been a resilient year for GDP; Q1 GDP rebounded from a -.7 revision to a final positive .6 and Q2 GDP has been steadily increasing with each revision.

"The healthy GDP data may finally be the last piece of evidence to prove the U.S. economy is strong enough to handle an interest rate increase. Federal Reserve Chief Janet Yellen seems to agree with this point where last night she noted in a speech that prospects for the U.S. economy appear solid and many FOMC participants, including herself, anticipate an increase in the federal funds rate later this year", says Voya Global.