It now says US gross domestic product (GDP) grew by an annual rate of 2.9% in the three months to 30 June, up from the initial estimate of 2.5%.

The Federal Reserve voted earlier this month to halt its policy of consecutive interest rate rises, saying US economic growth, and therefore also inflationary pressure, were both now slowing of their own accord.

"Revisions to the second quarter GDP data reflect a nip here and a tuck there rather than major cosmetic surgery and thus don't substantively change the look of the US economy," he said.

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