Q2 GDP

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 unchanged at 2.5%. Economists were expecting it to be cut to 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.

rooster red white blue flag — A rooster with its crest painted in the colours of the Costa Rica flag is seen during a live broadcast of the 2014 Brazil World Cup quarter-final game between Costa Rica and the Netherlands, in Democracia square in San Jose July 5, 2014. REUTERS/Juan Carlos Ulate

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

Nonresidential fixed investment, a proxy for business spending, jumped 8.4% during the quarter. This was revised up from an earlier estimate of 5.5% growth.

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

Q2 has been characterized as the economic snapback.

"The stronger pace of economic activity will go a long way in the promotion of job creation, which will in turn foster even greater economic activity," write Bloomberg economists Richard Yamarone and Josh Wright.

Here's a breakdown of the components of GDP:

Here's how much the various components of GDP added to growth.

GDP GROWTH REVISED UP TO 4.2%!