Second quarter GDP growth upgraded to 4.2 percent

Second quarter GDP growth upgraded to 4.2 percent
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The U.S. economy grew at 4.2 percent in the second quarter, higher than the 4.1 percent reported in the advance estimate, according to the Bureau of Economic Analysis, which released its second estimate Wednesday. 

The higher number is just more good news for President TrumpDonald John TrumpHouse Republican threatens to push for Rosenstein impeachment unless he testifies Judge suggests Trump’s tweet about Stormy Daniels was ‘hyperbole’ not defamation Rosenstein faces Trump showdown MORE, who pointed to the first estimate as a sign that his economic policies were working.

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Critics have argued that the economy is experiencing a short-lived "sugar rush" as a result of deficit-financed tax cuts and spending and that the figures will quickly fall back down to earth. They also say that much of the growth has accrued to the nation's wealthiest.

The numbers keep Trump on track to hit his goal of 3 percent annual growth.

While the overall economic picture remained the same, new data showed that nonresidential fixed investment and private inventory investment were higher than first thought, even as personal consumption and estimates on imports were lower.

The data showed that corporate profits were booming, with profits from current production up $72.4 billion in the second quarter, nearly three times their first quarter increase of $26.7 billion.

Real wages, on the other hand, have remained flat over the past year, according to BLS data.

The president took to Twitter to tout the numbers.

"Consumer Confidence Index, just out, is the HIGHEST IN 18 YEARS! Also, GDP revised upward to 4.2 from 4.1. Our country is doing great!" Trump tweeted.

Updated at 11:16 a.m.