2015 Q2 GDP (final estimate): 3.9%

Personal spending was stronger than thought in the second quarter, helping to drive real GDP to a very solid 3.9 percent annualized rate. Boosted by the consumer, final sales also rose 3.9 percent for a 4 tenths upward revision.

Personal consumption expenditures were revised 5 tenths higher to 3.6 percent as the service spending component, reflecting strength in travel, was revised 7 tenths higher to 2.7 percent. Revisions to goods spending were mixed with durables down 2 tenths to a vehicle-led surge of 8.0 percent with nondurables up 2 tenths to 4.3 percent. Consumer strength is also evident in a 1.5 percentage point upward revision to residential fixed investment, now at 9.3 percent.

But businesses also contributed to the quarter's growth as nonresidential fixed investment, driven by structures, is revised 9 tenths higher to 4.1 percent. Another plus in the report is a downward revision to inventory growth.

The second quarter managed in the end to meet what were tough expectations for a big bounce from the transitory factors of the first quarter when growth came in at only 0.6 percent. The outlook for the third quarter, however, is so far subdued, at roughly the 2 percent area.