Gross domestic product measures the value of all goods and services produced within the United States and is considered the best barometer of the country's economic standing.

"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 U.S. economy," said Stuart Hoffman, chief economist at PNC Financial Services Group.

An inflation gauge closely watched by the Federal Reserve showed that core prices, excluding food and energy, advanced at a rate of 2.8 percent in the second quarter, up from a 2.1 percent pace in the first quarter.

The second quarter's increase matched that seen in the first quarter of 2001 and hasn't been higher since the third quarter of 1994 when this inflation measure rose at a 3.2 percent pace.

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