By Jeffry Bartash WASHINGTON (MarketWatch) - The U.S. economy grew 1.7% in the second quarter, somewhat faster than previously reported, according to a revised government estimate. Economists surveyed by MarketWatch had projected gross domestic product would be revised up to 1.7% from a first reading of 1.5%. The increase largely reflected higher consumer spending and fewer imports than initially reported, the Commerce Department said Wednesday. Personal spending rose 1.7% instead of a prior reading of 1.5%, while imports rose just 2.9% vs. an initial estimate of 6.0%. Imports subtract from GDP. Also in the report, private-sector investment was revised down to a 3.0% increase from 8.5%, largely because of fewer sales of computers and software. The decline in government spending in the second quarter, meanwhile, was reduced to 0.9% from 1.4%. Real final sales in the U.S., which exclude imports and inventories, was little changed at 1.6%. Inflation as measured by the consumer PCE index was revised up slightly to 1.7%. Excluding food and energy, the index rose was unchanged at 1.8%. Real disposable income was revised down a tad to 3.1% in the second quarter and the personal savings rate was unchanged at 4.0%. In the corporate sector, profits rose $10.4 billion after falling $53 billion in the first quarter.

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