This morning, the Commerce Department reported that the U.S. economy grew at a 3.3% annual pace in the April-June quarter, marking the fastest pace since the third quarter of 2007. Additionally, this figure was almost double the preliminary estimate of 1.9% from last month.

The upward revision is mostly attributable to increased sales of U.S. exports, which were bolstered by the weaker value of the U.S. dollar. Exports grew at a 13.2% pace during the quarter, exceeding the government's initial estimate of a 9.2% growth rate and more than doubling the 5.1% growth rate in the first quarter. Elsewhere, final sales increased 4.8% annualized, much higher than last month's estimate of 3.9%. Core consumer prices grew at a 2.1% annual pace during the quarter, unrevised from the initial estimate, while economy-wide inflation added 4.2% in the quarter.

Bloomberg reported that "record exports and the temporary stimulus from the tax rebates prevented the economy from stalling as housing slumped and companies cut expenditures." While the stimulus checks doled out during the quarter helped the upward revision, consumer spending is now waning and slower growth ahead is expected. Economists expect growth to slip to a 2% rate in the third quarter, and forecasts for fourth-quarter growth are projected lower.