Why it matters: The revision occurred thanks to an upward revision in business spending, indicating that the economy's slowdown was not as harsh as feared in the face of the U.S.-China trade war. The change means that economic growth accelerated marginally from the prior quarter's 2% growth, but it's worth noting that economists are much less optimistic about growth prospects for the current quarter.
Gross domestic product (GDP)
Nobel laureate Joseph Stiglitz calls for the end of GDP
Nobel laureate Joseph Stiglitz renewed calls to retire the gross domestic product, or GDP, as the go-to economic indicator.
The big picture: Calls to revamp GDP, no matter how unlikely, are no longer coming from the corners of academia. They're seeping into the mainstream.