As measured by gross domestic product, the economy grew at a 4.6 percent annual rate in the second quarter of the year. The upward revision was driven by new-found strength in business investment, which grew at an annual rate of 9.7 percent during the quarter.

The Commerce Department says the April-June figure compared to a decline of 2.1 percent in the first three months of the year, a period when a harsh winter caused the biggest drop in activity since the Great Recession.