Economic growth revised slightly upward, still well below first quarter

The GDP report also showed corporations' after-tax profits rose at a slower pace in the spring, likely giving companies pause in hiring or making large capital purchases. 

Slowing the recovery's pace is a lack of consumer spending, which accounts for about 70 percent of the economy, as consumers opt to pay off credit card debt and save their extra money instead. 

During the second quarter, consumers saved 5.9 percent of their disposable income, the highest amount in the past year and well above the 2.1 percent before the recession started in December 2007. 

Consumer spending was up 2.2 percent during the second quarter, better than expected but well below what's needed to fuel the recovery. 

Without spending, employers are wary of hiring because of concerns that demand won't pick up. Businesses added to their stockpiles of goods at a slower pace in the spring, reflecting concerns about the spending appetites of their customers.

The economy will continue struggling to make a full recovery without job creation or an increase in consumer spending. 

The government makes three estimates of GDP, revising the figures based on more complete data. The estimate out Thursday was the third and final estimate for the second quarter.