Aug. 28 (UPI) — The U.S. gross domestic product was revised slightly upward, according to the second estimate released by the U.S. Bureau of Economic Analysis Thursday.

The GDP, which is a measure of all goods and services produced in the American economy, rose to an annualized rate of 3.3% from April to June instead of its earlier estimate of 3%, the BEA said.

The new estimate still shows a sharp rebound from the first quarter, which was down 0.5%.

Consumer spending was revised up to a 1.6% annualized rate in the latest estimate, up from the 1.4% previously reported. Spending is about two-thirds of the U.S. economy.

“With the initial brunt of the tariff shock behind us and the economy losing momentum, we expect to see sub-1% GDP growth in the second half of the year,” said Oren Klachkin, financial markets economist at Nationwide, in an analyst note Thursday, CNN reported. “A weakening labor market and modestly higher tariff-induced inflation will constrain activity through year-end.”

The change in real GDP mostly reflects upward revisions to investment and consumer spending that were partly offset by a downward revision to government spending and an upward revision to imports, the BEA said.

Real final sales to private domestic purchasers, which is the sum of consumer spending and gross private fixed investment, increased 1.9% in the second quarter, revised up 0.7% from the previous estimate.

The price index for gross domestic purchases rose 1.8% in the second quarter, revised down 0.1% from the previous estimate. The personal consumption expenditures price index increased 2%, revised down 0.1% from the earlier estimate. Excluding food and energy prices, the PCE price index rose 2.5%, the same as estimated.