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August 30, 2006 9:30 AM, EDT

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he U.S. economy grew at a revised 2.9% annual rate in the second quarter, more than the initial 2.5% gain reported in July, the Commerce Department said Wednesday.

The revised gross domestic product growth was less than the 5.6% increase reported in the first quarter.

Economists had expected a 3% increase for the three-month period of April through June. GDP is the value of all the goods and services produced in the country.

Consumer spending, which accounts for about two-thirds of the GDP, expanded at a revised 2.6% annual rate in the quarter, compared with the initial 2.5% gain reported last month and a 4.8% increase in the previous quarter, Commerce said.